Xinhua News Agency, Beijing, October 6th. Financial Observation: Holiday Economy Highlights China’s Market Advantages and Development Momentum
Xinhua News Agency reporter Wang Jiawei
This year, China's "Eleventh" Golden Week holiday consumption boom has attracted worldwide attention.
"People get on the train, go to the ancient temple, and do things that people in many other countries dream of. This is a clear signal that China has recovered from the epidemic." The New York Times website of the United States said a few days ago.
International observers believe that China's successful control of the epidemic is a major prerequisite for Chinese people to travel and consume with confidence during the Golden Week.
At the same time, the holiday consumption boom also highlights the advantages of China's super-large-scale market and the development momentum released by the construction of a new "dual cycle" development pattern.
Holiday economy boosts consumption recovery
Tourism, shopping, leisure and entertainment are becoming the "standard equipment" for Chinese holidays again.
Observers believe that the "Eleventh" Golden Week concentrated release of consumer demand suppressed by the epidemic, which will help further boost consumer confidence and promote sustained economic recovery.
Gu Qingyang, an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, said that the consumption dividend of China's "11th" holiday will drive the recovery of the service industry and promote more balanced economic development, especially the transportation, tourism, catering and other industries that have been severely affected by the epidemic. make up.
Nicholas Lardy, a senior researcher at the Peterson Institute for International Economics, a US think tank, said that China's consumption has begun to recover. In August, the growth rate of China's total retail sales of consumer goods turned from negative to positive for the first time this year.
Stimulated by factors such as "retaliatory consumption" during the Golden Week, the retail industry is expected to accelerate its recovery.
While the epidemic has brought an impact, it has also forced some industries to transform and upgrade.
Ding Jia, general manager of Germany Kaiyuan Travel Group China, said that after the epidemic has been brought under control, scenic spots, hotels, and homestays that have resumed operations have adjusted and improved their business formats and service quality, so that people can travel more comfortably and at ease.
Holiday economy highlights market advantages
The epidemic has severely impacted the global economy, with the tourism industry bearing the brunt.
On the first day of the "Eleventh" Golden Week, China received 97 million domestic tourists, a recovery of 73.8% year-on-year on a comparable basis; tourism revenue was 76.65 billion yuan, a year-on-year recovery of 68.9% on a comparable basis.
The hot scene of China's domestic travel is the envy of overseas counterparts.
Air transportation is also one of the industries most severely hit by the epidemic.
In the "Eleventh" Golden Week, China's domestic flight volume, passenger traffic, passenger revenue and other indicators have increased significantly.
"Millions of people travel by plane during the National Day holiday, giving Chinese airlines a leading position in getting rid of the epidemic and returning to normalcy." The Bloomberg News website published an article.
From tourism, air transportation to catering, entertainment, fitness and other industries, behind the prosperity of the Golden Week, relying on China's super-scale market advantages and huge demand potential.
"China has the largest population in the world. With the increase in income levels and the expansion of middle-income groups, China's charm as a consumer market is constantly increasing." Singapore’s "Lianhe Zaobao" website commented.
Holiday economy reflects development momentum
During the Golden Week, consumer vouchers were issued in many places to stimulate consumer demand; many large e-commerce platforms launched promotional activities such as festive consumer vouchers and the Mid-Autumn Festival food festival; some communications operators issued large-scale 5G consumer vouchers... , Are working hard to seize the golden week opportunity and frequently make moves to stimulate consumption and expand domestic demand.
Observers believe that the vigorous development of the holiday economy reflects the development momentum released by China's construction of a "double cycle" new development pattern.
At present, China is promoting the formation of a new development pattern in which the domestic large cycle is the main body and the domestic and international double cycles promote each other.
Taking the domestic cycle as the main body is to adhere to the strategic basis of expanding domestic demand, give full play to the advantages of the domestic super-large market, and continuously release the domestic demand potential of economic growth.
Han Jae-jin, director of the emerging markets department of the Korea Hyundai Economic Research Institute, said that the prosperity of the holiday economy is an important manifestation of China's strategy of expanding domestic demand.
Under the normalized environment of epidemic prevention and control, promoting the holiday economy can fully release residents' consumption vitality.
Gu Qingyang believes that the increase in China's domestic consumption will increase the total world demand through international trade channels and promote the recovery of the global economy.
(Reporters involved: Zhu Sheng, Cai Shuya, Lu Rui, Hu Xiaoguang, Sun Xiaoling)