Global attention to the "bright" start of China's the Year of the Loong economy


The Spring Festival holiday of the the Year of the Loong in China has just ended, and the major international media and Hong Kong media have reported the just released holiday economic data. From holiday consumption to outbound tourism, from the box office of films to market sentiment, all of them have released positive signals of China's economic recovery. Many media have reported the "bright" start of China's the Year of the Loong economy. "The outlook is great!" Bloomberg reported on the 18th that China's recently concluded long holiday economic data has sent a positive signal to the market, indicating an improvement in the consumption capacity of the world's second largest economy. The British Broadcasting Corporation stated that the significant increase in holiday tourism expenditure is "good news" for the Chinese economy. According to data from the Ministry of Culture and Tourism of China, during the 8-day holiday, 474 million domestic tourists visited the country, a year-on-year increase of 34.3%; The total cost of domestic tourists traveling was 632.687 billion yuan, a year-on-year increase of 47.3%. According to data from the Ministry of Commerce, during the Chinese New Year's Goods Festival from January 18th to February 6th, online retail sales reached nearly 800 billion yuan, an increase of 8.9% compared to the same period last year in the lunar calendar. According to preliminary statistics from the National Film Administration, the national box office for the Spring Festival holiday in 2024 was 8.016 billion yuan, with 163 million viewers. Compared to the Spring Festival holiday in 2023, the box office and number of viewers increased by 18.47% and 26.36% respectively, both setting new records for the same period. Not only is the domestic tourism market booming, but many Chinese tourists choose to spend the Chinese New Year overseas and use their long holidays to go to their desired overseas tourist destinations, which has ignited the overseas tourism market and made the world feel the "warm current" of China's rapid economic recovery. The Financial Times pointed out that during the Spring Festival holiday, the tourism industry has become a highlight of the Chinese economy. The media reported, citing data from Ctrip platform, that the number of travel orders for Chinese tourists to Singapore, Malaysia, and Thailand during the holiday period has increased by over 30% compared to 2019. This media has noticed that Singapore and Malaysia have recently provided visa free entry convenience to Chinese citizens. The South China Morning Post reported, citing data from the travel platform website "Qunar", that Chinese tourists booked 14 times more overseas flights and 5 times more overseas hotels during this year's spring vacation compared to last year. The report noted that Chinese tourists are not only interested in traditional tourist destinations in the surrounding areas, but also travel to relatively distant tourist destinations such as New Zealand, France, the United States, and Egypt. The Spring Festival holiday has become a peak period for global tourism consumption, and domestic, outbound, and inbound tourism in China have blossomed in many places. The South China Morning Post highlighted that during the long holiday, the number of overseas transfers on China's online payment platform WeChat payment and Alipay increased significantly year on year, with the amount of overseas payments on Alipay increasing by 140%. According to media reports, the highlights of tourism and consumption in mainland China have even boosted the sentiment in the Hong Kong market. China's economy ushered in the beginning of the the Year of the Loong in the festive atmosphere of the Spring Festival holiday, and a number of data indicators showed China's economic growth potential. On the 19th, Nikkei Asia magazine published an article on its website stating that travel and consumption data during the Chinese Lunar New Year exceeded expectations, sending a positive signal to the market. (Lai Xin She)

Edit:He Chuanning Responsible editor:Su Suiyue


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