“There are like 100 million people in scenic spots across the country”! Three vitalities reflect the "spring spirit" of the economy

　　China News Service, April 7 (China News Business Reporter Li Jinlei) "There are like 100 million people in scenic spots across the country." This is the personal experience of many people traveling during the Qingming Festival holiday. Many scenic spots are crowded with people. Some netizens joked that Jinan has become "crowded" to the south, and climbing Mount Tai has become "crushing" Mount Tai. Residents' enthusiasm for traveling continues to rise, with the number of trips and spending during the Tomb Sweeping Day holiday greatly exceeding the same period in 2019.

　　A popular short holiday is a microcosm of China's economic recovery. In addition, the recently released manufacturing Purchasing Managers Index (PMI) has returned to the expansion range, and imports and exports have hit a record high for the same period in history. A number of data show that consumption vitality, production vitality, and foreign trade vitality are bursting out, reflecting the upward trend of China's economy.

  During the Qingming Festival, the Yungang Grottoes are crowded with people. Photo by China News Network reporter Li Jinlei

Tourism boom during Qingming Festival shows consumption vitality

　　Consumption is one of the "troika" driving economic growth, and has become the "main engine" of China's economic growth. Since the beginning of this year, this "main engine" has gradually heated up, as evidenced by the just-passed Tomb Sweeping Day holiday.

　　During the Tomb Sweeping Day holiday, not only the number of tourists increases significantly, but also the amount of consumption increases. According to data from the Ministry of Culture and Tourism, there were 119 million domestic tourism trips across the country during the three-day holiday, an increase of 11.5% over the same period in 2019 on a comparable basis; domestic tourists spent 53.95 billion yuan on travel, an increase of 12.7% over the same period in 2019.

　　Many scenic spots are crowded, and many scenic spots such as Mount Tai, Tianshui Fuxi Temple, and Longmen Grottoes have issued traffic restriction announcements. The Ministry of Transport estimates that 752.836 million people will move across regions during the Tomb Sweeping Day holiday.

　　The popularity of travel can be seen from the orders placed on major online travel platforms. Qunar’s bookings for popular domestic scenic spots increased five times year-on-year. Ctrip’s domestic local travel and peripheral travel orders increased by 211% and 350% year-on-year respectively. The number of Tongcheng car vacation bookings increased by more than 60% year-on-year.

　　The hot tourism market is a concrete reflection of the release of consumption vitality. Zhou Maohua, a macro researcher at the Financial Markets Department of China Everbright Bank, analyzed that China’s active policies to promote employment and income growth will help residents’ spending power and willingness to continue to recover.

  Data map: Zhejiang private new energy vehicle companies are booming in production and sales. Photo by China News Service reporter Wang Gang

The three major indices are all in the expansion range, reflecting production vitality.

　　The PMI index is a leading indicator for economic monitoring. 50% is the dividing line between prosperity and decline. A PMI index higher than 50% reflects economic expansion.

　　The manufacturing PMI ushered in an important turning point in March. Data from the National Bureau of Statistics show that in March, as companies accelerated their resumption of work and production after the Spring Festival, market activity increased, and the manufacturing PMI rose to 50.8%, returning to the expansion range.

　　At this point, the three major indices in March (manufacturing PMI, non-manufacturing business activity index and composite PMI output index) are all in the expansion range. The National Bureau of Statistics interpreted that "enterprise production and operation activities have accelerated, and my country's economic prosperity has rebounded."

　　Production vitality continues to grow, and corporate profits also improve. From January to February, the profits of industrial enterprises above designated size nationwide increased by 10.2% year-on-year, and profits turned from a 2.3% decline in the previous year to positive growth.

　　Wen Tao, an expert at the China Logistics Information Center, believes that the manufacturing PMI in March returned to the expansion range after running below 50% for five consecutive months, reflecting a marginal improvement in economic operation and a significant rebound.

　　An article published on the website of Singapore's "Lianhe Zaobao" believes that the latest PMI data has returned to the line of prosperity and contraction, indicating that the Chinese economy has found a new growth engine and no longer relies on real estate to enter the expansion range.

  Data map: A view of Ningbo Port. Photo by Shen Yingjun

Imports and exports hit a record high for the same period, demonstrating the vitality of foreign trade

　　The temperature of foreign trade is directly related to the temperature of China's economy. Although the global economy is full of uncertainties, China's foreign trade has shown a sense of certainty amidst the changes.

　　In the first two months of this year, imports and exports reached 6.6 trillion yuan, a record high for the same period in history. The General Administration of Customs stated that this scale is basically equivalent to my country’s total foreign trade value for the whole year 20 years ago, and two months is equivalent to one year.

　　Yang Weimin, member of the Standing Committee of the 13th National Committee of the Chinese People's Political Consultative Conference, deputy director of the Economic Committee, and former deputy director of the Office of the Central Financial and Economic Leading Group, said in an interview with Sino-Singapore Finance that the economy has started well this year. Judging from the situation in January and February, it is very likely that the first quarter will usher in It’s a good start, which is crucial to guiding confidence in economic development throughout the year.

　　Wen Bin, chief economist of China Minsheng Bank, judged that overall, the economic recovery momentum at the beginning of the year is stronger than expected, and the economic growth rate in the first quarter is expected to reach around 5.0%, laying a good foundation for achieving the full-year target. (over)