Usually at this time of the year, many hotels and big restaurants in China are already completely booked for the Lunar New Year's Eve. But this year, reservations are down.

At Xijia Garden Restaurant in Shanghai, all tables for Spring Festival Eve before 7:30 pm are booked. But between 7:30 and 9:30, thirty percent are left. The restaurant owner says the economic slowdown has forced many companies to cancel their reservations.

Wang Weimin, Vice Manager of Xijia Garden Restaurant said "In previous years, 50 to 60 percent of customers are enterprises, but this year, there are few enterprises."

Some residents say their company is still having the holiday dinner, but are opting for a small restaurant.

One Shanghai resident said "Our company's performance is not as good as expected. So the New Year's dinner won't be as lavish as before. Lottery activities are also cancelled."

Although businesses might be cancelling, the Spring Festival Eve dinner is still an important tradition for Chinese families. Hotels and restaurants are offering various promotion and discounts to attract customers.

Wang Weimin said "We lowered the price of every table by 200 yuan. We also cancelled the service charge."

Zhang Zhiguang, Vice Manager of Quanjude Restaurant said "We've added more delicate roast duck to the package, but haven't raised the price."

But many people say at the time of financial crisis, they plan to have a family dinner at home to save money.

(CCTV January 4, 2009)