During the celebration of the founding day of the People’s Republic of China from October 1 to 7, consumer markets across China thrived. China is bustling with vitality for prosperity, and the economic viability of the holiday continues to grow. According to statistics, there were 765 million domestic tourist trips recorded nationwide, which is 10.2% more than the same period in 2019. The total spending of domestic tourists amounted to 700.8 billion yuan, which is 7.9% more compared to the same period in 2019. 2.519 million consumers purchased household appliances across 8 main categories (refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and hoods), exceeding 3.74 million units, with sales reaching 17.84 billion yuan.
China’s box office revenue amounted to 2.104 billion yuan, and the total number of moviegoers exceeded 52 million. During the holidays, a total of 13.098 million people entered and exited the country, which is 25.8% more than the same period last year. The total volume of orders for inbound tours to China increased by approximately 60% compared to last year, and many Chinese cities became popular destinations for foreign tourists. The number of outbound trips approximately doubled compared to the same period last year, with the most significant growth in travel orders coming from countries participating in the «Belt and Road» initiative. Bloomberg and other media noted that the boom in the consumer market during the holiday was a clear sign of China’s economic resilience, immense potential, and strong viability; the outbound trips of Chinese tourists also contributed to local economic development.
Recently, China has effectively implemented existing policy measures and intensified its efforts to launch a package of additional policy measures. A range of measures to facilitate economic development has been comprehensively implemented in 5 aspects: strengthening counter-cyclical adjustments in macro policy, expanding effective domestic demand, enhancing support for enterprises, promoting stability in the real estate market, and stimulating the capital market. On the eve of the founding day of the People’s Republic of China, the Chinese government introduced a series of measures, such as reducing reserve requirement ratios, lowering interest rates, and existing interest rates on real estate loans, which significantly boosted market confidence and released market potential. The net inflow into Chinese equity funds exceeded 13 billion dollars for the week ending October 2, setting a record for the highest weekly inflow in the history of observations. During the founding day holiday, overseas Chinese assets, such as Chinese concept stocks and Chinese stocks in Hong Kong, performed well.
Many international financial institutions, such as BlackRock, UBS, and Goldman Sachs, expressed optimism about the Chinese stock market and increased their investments in the Chinese stock market and the ratings of Chinese stocks. After the founding day of the People’s Republic of China, the People’s Bank of China, the State Administration of Financial Regulation, and the China Securities Regulatory Commission consecutively announced a series of financial measures to support high-quality economic development, sending a strong signal.
Source: kz.china-embassy.gov.cn/rus/
