Holiday consumption is an important window to observe the vitality of China's economy.

Despite the impact of the new crown epidemic, during this year's "Eleventh" Golden Week, the Chinese market still maintained a vigorous consumption vitality, with tourism and vacation, online and offline consumption, and shopping in duty-free zones continuing to rise.

Academia and business people in many countries believe that in the context of the raging epidemic and many economies that have not yet recovered, the dividends brought by China's holiday consumption are even more precious.

  China's consumption drives the "transformation dividend"

  Tourism products have become an important part of Chinese people's consumption during the Golden Week.

During the "11th" Golden Week this year, many scenic spots across the country ushered in a peak of passenger flow, and some scenic spots received the largest number of tourists, which significantly promoted accommodation, dining, shopping and other consumption.

Lee Won-suk, deputy director of the Institute of International Trade and Commerce of the Korea Trade Association, said that with the domestic epidemic under control and consumer demand greatly increased, domestic tourism during the long holiday will further promote domestic demand.

  Popularity is soaring during holidays such as Beijing Universal Resort and Shanghai Disneyland.

According to Hong Kong’s "South China Morning Post" website, Beijing Universal Resort has been hard to find since its opening to the public.

China's top theme parks promote the construction of a world-class tourism industry in China.

McKinsey Consulting believes that tourism demand suppressed by the epidemic provides China with a good opportunity to accelerate the realization of its "dual cycle" goal.

  Film consumption is becoming a new hot spot for long holiday consumption.

CNN reported on the 4th that the film "Changjin Lake" broke the box office record for China's National Day holiday and may become the second highest box office film in the world this year.

The report pointed out that in 2020, China surpassed the United States to become the world's largest film market.

  Japan's Jiji News Agency believes that the Chinese government is working hard to change the situation in which the economy relies on investment and exports, and shifts to the promotion of a "domestic cycle" with domestic demand as the pillar.

The idea of ​​fully tapping the potential of the domestic market and expanding consumption is full of opportunities.

  China's consumption releases "spillover dividends"

  According to China’s Haikou Customs, on October 1, Haikou Customs supervised 171 million yuan of duty-free shopping on Hainan’s outlying islands, a year-on-year increase of 122%.

With the broadening of import channels and the more complete tax-free shopping policy, Chinese consumers can buy global goods without going abroad, and the Chinese market is helping companies grow their business performance under the epidemic.

Li Yuanxi said that it is widely believed that Chinese consumer consumption will explode again.

  The Chinese market has always been regarded by the Japanese company Shiseido as the most growing market.

Shiseido announced a few days ago that the company invested 63.5 billion yen (approximately US$568 million) to build a new commodity supply base in Osaka, which will produce products for overseas markets such as China.

Shiseido plans to increase its efforts to expand the Chinese market and increase its sales in the Chinese market to a level equivalent to that in Japan by 2023.

  Alastair Symington, CEO of Australian health products company Aojiabao, said that the company's revenue increase in the Chinese market is due to the continuous recovery of the Chinese market and excellent online marketing.

The company listed China as its key market and established the company's first global innovation center in Shanghai.

  China's consumption demonstration "decision-making dividend"

  Against the background that the whole world is searching for good strategies for economic recovery, the measures taken by the Chinese government to boost consumption and the consumption momentum shown by China are of reference to other countries.

  Li Yuanxi said that the recovery of consumption during the holidays in China, the stimulus of domestic demand and the restoration of daily life brought about by China's domestic anti-epidemic success have received widespread attention and can provide reference for many countries, including South Korea.

  Sebastian Schultz, a scholar and sociologist at the China Studies Center of the School of International Relations at the National University of La Plata, Argentina, believes that China has effectively controlled the epidemic and realized the full vaccination of the new crown vaccine for a large proportion of the population, which has become the economic recovery during the epidemic. A model, this year’s Golden Week consumption data is expected to be exciting.

China's holiday economy will also inject vitality into the world economy that has been hit hard by the epidemic.

  Arturo Briss, a professor at the Swiss Institute of International Management Development, said that China has quickly controlled the epidemic through effective epidemic prevention measures, thereby realizing economic recovery as soon as possible.

China's economy will usher in a strong rebound, and China's digital technology and development model will shape the world.

  (Notewriter: Deng Qian; participating reporters: Liu Chunyan, Sun Xiaoling, Zhu Sheng, Lu Rui, Liu Shiyue, Yin Nan, Zhang Xiaoran, Chen Binjie, Martina Foss)

  Xinhua News Agency, Beijing, October 7th