Hong Kong's Tung Lo Wan road features the styles of Paris, Milan and London. And ahead of the Chinese New Year, the famous shopping avenue has seen lots of visitors.

HK seeks shopping boom ahead of new year.

The global financial crisis has worried many businesses on the Tung Lo Wan road, worried that consumers would be reluctant to spend. But since the end of last year, stores have begun to offer discounts, and the local government also encouraged spending, meaning residents have been splashing out ahead of the Spring Festival.

A Hong Kong resident says, "I've spent more than last year. I really need those goods. It's not necessary to save that much. "

More than 300 stores in the 16-story Times Square, a landmark shopping center in Hong Kong, have kicked off sales promotions, which have attracted a lot of buyers.

Ma Weile, manager of Times Square, says, "Hong Kong residents have become more cautious with their investments after the financial crisis. But it doesn't mean that people are short of money."

Many businesses said their promotions are working well, and have dramatically boosted sales. Local retail authorities said the sales promotions this winter came a month and a half earlier than in previous years, in order to stimulate consumption.

(CCTV January 23, 2009)