<img src='https://news.cgtn.com/news/2024-10-03/Consumption-pickup-seen-following-China-s-National-Day-holiday-surge-1xoB9R5ZjXy/img/e653d80c01b24b7b8590223eedb655d2/e653d80c01b24b7b8590223eedb655d2.png' alt='Tourists visit the Fuzimiao Scenic Area in Nanjing, China's Jiangsu Province, October 2, 2024. /CFP'
China’s National Day seven-day holiday began with a sharp rise in both travel and consumer spending, signaling a strong seasonal boost in economic activity.
Multiple international media outlets highlighted that this surge served as a positive indicator for China’s tourism and consumption sectors.
On Tuesday, the first day of the holiday period from October 1 to October 7, cross-regional travel within China reached more than 330 million trips, a 48.1 percent increase from the previous period, according to data from the Ministry of Transport. This also marked a more than 30 percent jump compared to pre-COVID-19 levels in 2019.
Bloomberg reported that this spike in travel is seen as “early signs of a consumer spending pickup” in the world’s second-largest economy.
The surge in travel comes just days after Beijing introduced a series of stimulus measures aimed at reviving an economy facing multiple challenges. These measures include cutting interest rates, lowering bank reserve requirements and easing restrictions on home purchases.
Driven by these policy changes, the National Day holiday is expected to bring a concentrated boom in China’s tourism and consumer sectors, Singaporean newspaper Lianhe Zaobao reported.
The report cited data from travel platforms showing that ticket orders for Chinese scenic spots on the first day of the holiday increased by 37 percent year on year, while bookings for homestays surged by 55 percent.
As China’s “golden week” continues to fuel consumer spending and economic activity, industry experts predict a vibrant period ahead for sectors such as tourism, transportation, entertainment and dining, according to the Manila Times.
