During this year’s Spring Festival period, there was a notable surge in inter-regional mobility across China, accompanied by a resurgence in consumer activity. A multitude of individuals embarked on journeys via various modes of transportation to reunite with family and friends, underscoring the dynamic nature of China’s economy. The congestion observed during the Spring Festival period not only attests to the progress of China’s economic development but also indicates the heightened consumer demand resulting from widespread travel, thereby catalyzing further economic growth.
Through the lens of the Spring Festival, the international community witnessed the stability and vitality inherent in the Chinese economy. This traditional festival serves as a pivotal gauge for assessing consumption patterns, with noteworthy increases observed in domestic tourism, overall holiday expenditures by Chinese citizens, box office revenues, movie theater attendance, and the average daily sales of service industries nationwide, reflecting a thriving and dynamic China. Such observations bolster the international community’s confidence in China’s economic trajectory. The global spotlight remains fixed on China’s consumption trends during the Spring Festival period, with observers noting that tourist flows and spending surpassed pre-pandemic levels, indicative of an improving consumption landscape in the world’s second-largest economy. The upsurge in consumer expenditure and tourism during the Spring Festival period stands as a significant catalyst for China’s economic prosperity.
The robust economic potential of the People’s Republic of China (PRC) is evidenced by various cross-border transportation routes such as the China-Laos and China-European Union (CES) trains facilitating the transport of “New Year’s goods,” as well as the continuous operation of major ports servicing international trade. Foreign trade enterprises are actively pursuing increased orders and production capacity, complemented by the operational presence of over 1,800 overseas warehouses supporting the development of cross-border e-commerce across more than 220 countries and regions worldwide. The Spring Festival period witnessed an enhanced openness of China to international cooperation. As the scope of visa-free agreements expands, internal and external tourism continues to rise, with a notable increase in border crossings during the holiday period, reaching 13.517 million people-times nationwide, averaging 1.69 million people-times per day, marking a 2.8-fold increase compared to the corresponding period in 2023. The reciprocal movement of Chinese and foreign tourists underscores the mutually beneficial cooperation between China and its global partners, making the Spring Festival a peak travel season and symbolizing a spirit of mutual benefit.
The Spring Festival radiates joy and goodwill globally, while the resilience of the Chinese economy offers reassurance amid global economic uncertainties. Despite significant instability in the global economic landscape, China’s GDP registered a year-on-year growth of 5.2% in 2023, indicative of a sustained upward trajectory. Recent reports by numerous financial institutions forecast further strengthening of the foundation for sustainability and recovery within the Chinese economy in 2024, attributing this to the continued emphasis on high-quality development, stimulation of domestic demand, and the emergence of the green economy and high technology as key drivers of growth. Noteworthy among these reports is UBS Corporation’s emphasis on China’s commitment to high-quality development and its focus on stimulating domestic demand, with the green economy and high technology poised to drive future growth. Similarly, The Goldman Sachs Group, Inc., anticipates a more stable phase in the PRC’s economic development. President Tharman Shanmugaratnam of Singapore recently underscored the resilience of the PRC’s manufacturing system and its enhanced export competitiveness, attributing China’s strength to its abundance of skilled talent, including engineers, scientists, and technicians, whose numbers and contributions continue to grow, underscoring China’s competitive advantage in the global arena.
Positive economic performance during the Spring Festival marked a good start for the further development of the Chinese economy. In 2024, China will comprehensively implement new development concepts, accelerate the construction of a new development structure, promote high-quality development, strengthen and strengthen economic recovery and improvement. As noted by Spanish market analyst and columnist Julio Ceballos /Julio Ceballos /, if China persistently deepens reforms and expands opening up, takes advantage of its advantages in the fields of education and scientific and technological innovation, and fully unleashes the potential of the domestic market, the country will gain a solid foundation and confidence in economic development.
Source: People’s Daily online
Tourists at the Temple of Confucius in Nanjing, east China’s Jiangsu province, ride boats while admiring the festive lanterns. Photo material from People’s Daily online/Su Yang.
