Xinhua International Current Review: Golden Week under the "Pandemic Examination" Shows China's Economic Resilience and Vigor
Xinhua News Agency, Beijing, October 9th, Wire title: The Golden Week under the "epidemic test" shows China's economic resilience and vitality
Xinhua News Agency reporter Fan Yu
Consumption during the Golden Week has always been a barometer of the Chinese economy, especially in the special year of the "big exam" of the epidemic.
The first National Day Mid-Autumn Festival under the normalization of the prevention and control of the new crown epidemic, tourist attractions, hot box office theaters, and soaring consumption of supermarkets all signaled the return of China's consumption and demonstrated the strength of China's economy Resilience and vitality.
The dazzling data of Golden Week has become a strong evidence of China's economic recovery in the eyes of foreign media.
In the eight days of the long holiday, the country received more than 600 million domestic tourists and achieved tourism income of 466.56 billion yuan; the “hot” of duty-free shopping on Hainan’s outlying islands was unstoppable, with an average daily sales of over 100 million yuan in the first 5 days; October 1-7, movies The box office was about 3.696 billion yuan, the second best box office result in the National Day file of Chinese Film History.
The BBC commented: "This October, China may be the most active travel market in the world."
The release of consumer demand and the restoration of consumer vitality benefited from effective epidemic prevention and control.
Since the outbreak of the new crown epidemic, the Chinese government has put people's life safety and health first, adopted firm and decisive measures to prevent and control the epidemic, and achieved major strategic results in the fight against the epidemic, laying a solid foundation for economic recovery.
Bloomberg News reported that hundreds of millions of trips indicate that China's economy has passed the difficult period of the epidemic.
"The New York Times" also commented: "China has returned to a near-normal state at an alarming rate."
The hot Golden Week took over the steady recovery of China's economy in the early stage, further boosting China's economic recovery confidence.
The growth rate of total retail sales of consumer goods in August, the cumulative growth rate of industrial value added from January to August, and the cumulative growth rate of goods exports from January to August achieved positive results for the first time this year. The manufacturing PMI rose to 51.5% in September... Data shows that China's economy is steadily moving forward on the road to recovery.
From FTSE Russell’s announcement that China’s government bonds were included in the FTSE World Treasury Index to the third quarter of the RMB exchange rate against the US dollar, the largest quarterly increase in more than a decade, international investors’ confidence in the Chinese economy has increased significantly.
The outbreak of consumption during the Golden Week is closely related to a series of measures introduced by the government.
China is stepping up its efforts to form a new development pattern in which domestic and international cycles are the mainstay and the domestic and international dual cycles promote each other.
In this context, multiple policy combinations have been launched to accelerate the cultivation of the consumer market.
Before the long holiday, various places have done a good job of providing public services to improve the level of safety protection. The scenic area has raised the upper limit of tourist reception, and the appointment system, body temperature measurement, and health code scanning have become standard.
Han Jae-jin, director of the emerging market department of the Korea Hyundai Economic Research Institute, believes that the holiday boom is an important manifestation of China's strategy of expanding domestic demand.
The new trends emerging in the holiday economy are expected to accumulate energy for China's economic development.
"Going to the West" is becoming a new fashion for domestic travel. Online leasing has made "light travel" highly sought after, and suburban country houses have risen rapidly. "Post-95s" have become the main force in National Day travel for the first time. Customized tours and small group tours are very popular. Contactless tour guide services such as smart phone applications are rapidly spreading, and the upgrading of consumer demand continues to give birth to new products and new formats, and more consumption potential needs to be released.
Gu Qingyang, associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, believes that the long-term consumption dividend will make an important contribution to driving the recovery of the service industry and promoting a more balanced economic development. It will also increase employment and promote the development of other industries through linkage effects.
The Golden Week consumption boom has brought warmth to the world economy under the epidemic.
Zhao Yaoting, global market strategist for the Asia-Pacific region of Invesco Investment Corporation of the United States, said that as the Chinese economy recovers from the impact of the new crown epidemic, Asian economies are bound to benefit.
Hu Dongan, an economist at the Oxford Economics Institute, a British think tank, said that many economies are still struggling to recover from the impact of the epidemic. China's strong domestic demand means stronger import demand, which will help the global economy recover.
The performance of the world economy may be better than people's pessimistic expectations at the peak of the epidemic, but "the disaster is far from over."
This is the latest judgment of Georgieva, President of the International Monetary Fund, on the current situation.
As the first major economy to resume growth under the epidemic, the Chinese economy continues to surprise the world. While showing strong resilience and explosive power, it also injects a "cardionic agent" into the recovery of the world economy.