Spring Festival is China's most important festival by far, and celebrations throughout the country don't seem to have been dampened by the economic crisis. Many families, like Wang Xueyu's, are not thinking too much about worries brought about by the economic slowdown.

Wang Xueyu, Beijing resident, said, "I hope the new year will be a year of happiness for the whole family. I am praying for good health for my child and parents. As an average income earner, I only hope life will be stable. I don't expect any big problems in my work. "

Wang Xueyu works for a real estate company. He admits that it's not as easy to make money now as it was before, and his family needs to learn how to save.

The Spring Festival is traditionally a time for massive spending and business are seeing soaring sales. Many shopping centers are packed with people looking for gifts or items to collect, like gold.

But this year, consumers are more budget-conscious. Bookings have dropped at expensive restaurants and meals are cheaper. Although the government says China's economy is still doing quite well as a whole in trying times, some retailers are feeling the pinch.

Zhao Lei, fireworks vendor, said, "I didn't expect that sales would not be good. I think there are fewer people letting off fire crackers and fireworks during the holiday. Compared to last year, business is down."

Zhao Lei has been selling firecrackers for three years, and this year he has lost some 40,000 yuan in profit. He has to cut prices to attract customers.

Beijing Railway Station is becoming busy again as people return from their hometowns. For most people, especially migrant workers, the festival is also a time to plan their work for the year.

Ke Zhengye, migrant worker, Jiangxi Province, said, "I don't feel much impact from the economic slowdown. Every year, we bring money home and come back to make more money. That's life for us."

Most migrant workers come to big cities to find jobs. Mao Xialin is a construction worker from Central China's Hubei province. Mao Xialin says it's not easy to find work at the moment, so he has come back to the capital earlier than others. He is not sure what kind of work he will find in the coming year and he's still searching.

For Beijingers, the freezing weather and slowdown in economic growth has not affected their celebrations.

Han Bin, reporter, said, "According to traditional belief, the Ox, or Niu in Chinese, is associated with strength, hard-work and bullish markets. Even though the economy is suffering, the Chinese are determined to keep their spirits up, as the Year of the Ox signifies prosperity and success. They also hope the Year of the Ox will bring them good fortune and more luck than the previous year. This is Han Bin, wishing you a happy Niu Year.

(CCTV February 1, 2009)