Peonies are not the only thing blossoming in central China's Henan Province as the annual arrival of the famed flower has also proven good for business.
The Luoyang Peony Fair, which started on Tuesday, has been labeled a "giant magnet" by the Luoyang municipal government as thousands of visitors descend on the ancient city to witness the blooms. It is also seen as a major occasion when investors, both foreign and domestic, gather in the city to savor the flowers and sign business agreements.
Contracts worth 13 billion yuan (around 1.73 billion U.S. dollars) were signed during last year's fair, according to the Luoyang government.
"This beautiful flower has promoted the city's image and its investment environment," said Yu Ying, director of the Luoyang Peony Office, a governmental branch set up to supervise the city's "peony economy".
"Visitors during the Peony Fair flood into hotels and restaurants and this boosts the local economy."
She expected this year's fair, that runs through May 10, would see a record high number of investment agreements reached.
"Sales of my peony cake doubled during last year's Peony Fair," noted Ren Quanfu, chairman of the local Quanfu Food Group, referring to the pastry with peony petals as an ingredient.
"The visitor boom during the fair has given a shot in the arm to my business," he said.
Once an Imperial capital of 13 dynasties through Chinese history, Luoyang produces the country's best peony trees. The peony was preferred by royal families for its luxuriant blossoms that symbolized prosperity and richness.
Source: Xinhua
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