Foreign media attention: Golden Week report card highlights China's recovery momentum

　　Foreign media attention: Golden Week report card highlights China's recovery momentum

　　Reference News Network

According to a

Reuters on October 9 in Shanghai, China’s consumption and tourism statistics for the "November" holiday in 2020 were released. Compared with the same period last year, the total sales of retail and catering companies increased slightly. Tourism income has recovered to nearly 70% of last year's.

Statistics from the Ministry of Commerce of China show that from October 1st to 8th, the sales of key retail and catering companies nationwide were about 1.6 trillion yuan, and the average daily sales increased by 4.9% compared with last year's "Eleventh" Golden Week.

Consumption quickly out of trough

　　According to data from the Ministry of Culture and Tourism, during the long holidays, the country received 637 million domestic tourists, a 79.0% year-on-year recovery on a comparable basis; domestic tourism revenue was 466.56 billion yuan, a year-on-year recovery of 69.9% on a comparable basis.

　　According to the report, in the first seven days of this year's "November", the national movie box office reached nearly 3.7 billion yuan, the second highest level of the Golden Week in the past.

According to data from the National Film Specialty Office, among them, "My Hometown and Me", "Jiang Ziya" and "Win Championship" are among the top three in the scheduled box office.

This year's National Day box office for seven days was significantly higher than the 2.412 billion yuan in 2017 and 1.909 billion yuan in 2018, second only to 4.466 billion yuan last year.

　　According to reports, under the background that the overseas epidemic is still severe.

Duty-free shopping on Hainan’s outlying islands was extremely active, and the effect of attracting overseas consumption was obvious. In the first seven days of Golden Week, the retail sales of four duty-free shops in Haikou, Sanya, and Qionghai increased by 167% year-on-year, and the number of duty-free shopping increased by 64% year-on-year.

　　According to a report from the Latin American Agency Beijing on October 8, official data released on the same day showed that China's domestic tourism industry showed new vitality during the National Day and Mid-Autumn Festival, which lasted more than a week. The country received 637 million domestic tourists.

　　According to the report, the Ministry of Culture and Tourism said that this year's National Day Mid-Autumn Festival eight days holiday, the country achieved domestic tourism revenue of 466.56 billion yuan.

Although this figure is lower than the same period in 2019, it is another evidence that the country has contained the new crown epidemic.

　　According to reports, Hubei Province, located in the central part of China, was the first place where the epidemic broke out.

During the long holiday, the number of tourists in Hubei Province has surged.

From the 1st to the 7th, the province achieved a comprehensive tourism income of 205 million yuan.

　　According to reports, other parts of China are also presenting the same scene.

This is also due to various preferential and promotional measures. For example, more than 1,500 scenic spots across the country are free or discounted, dozens of provincial and municipal governments issue travel coupons, and major travel platforms also provide promotional subsidies and personalized package products.

　　According to the report, many analysts regard tourism data during long holidays as a barometer of China's economic and social life.

Holiday economy boosts domestic demand

　　According to a report on the website of Russian "Labor Daily" on October 8, China's National Day this year coincided with the Mid-Autumn Festival, forming an 8-day long golden week.

International observers believe that the recovery of China's tourism industry and other industries will have a positive impact on the domestic and foreign economies while the global new crown epidemic is still spreading.

　　According to the report, Han Jae-jin, director of the emerging markets department of the Hyundai Economic Research Institute of Korea, said that China has made remarkable achievements in preventing and controlling the epidemic.

Despite the uncertainty in the external environment, China has boosted economic growth by tapping the potential of domestic demand to achieve healthier economic development.

China's holiday economic prosperity is an important manifestation of expanding domestic demand.

Gu Qingyang, associate professor of the Lee Kuan Yew School of Public Policy at the National University of Singapore, believes that China’s Golden Week will drive the recovery of the service industry and promote a more balanced economic development.

It can be expected that the transportation, tourism, catering and other industries will get more income and development momentum.

　　According to the report, Hu Dong’an, senior economist at Oxford Economic Consulting, said: “The holiday economy will undoubtedly help promote domestic consumption in China and benefit related industries and hotel groups at home and abroad. At present, many countries are still working hard to recover from the epidemic. Recovering from the impact, China’s strong domestic demand means stronger import demand, which will help the global economy recover."

　　According to a report on the Spanish "Herald" website on October 8, China seems to have got rid of the global tourism crisis caused by the new crown epidemic.

Contrary to the situation in Europe, especially Spain, benefiting from the vitality of the domestic tourism market, China's domestic tourism industry has returned to levels close to the level before the COVID-19 outbreak.

According to data released by the country, during this long holiday, China has reproduced the scene of large-scale outings.

　　According to the report, the data tells everything: During the long holiday just past, about 550 million to 600 million people traveled in China, which means only a 23% to 30% decrease from the same period last year.

　　According to reports, independent agencies also pointed out that the Asian giant's airline is getting out of the deep plight of its European and American counterparts.

China’s three major airlines recently stated that they expect to return to profitability in the third quarter.

　　In contrast, the situation of Spain's tourism industry is in contrast to China's tourism industry.

Most hotels in Spain are still closed.

Full recovery will take time

　　According to a Reuters report from Shanghai/Beijing on October 9th, during the just-ending Golden Week holiday, driven by the successful control of the new crown epidemic, China's domestic tourism industry rebounded strongly, but the number was still lower than the same period last year.

　　Wang Rui, senior China economist at ANZ Bank, wrote in a research report: "The rapid rebound of China's economy may alleviate people's concerns about China's economic growth momentum, but it is too early to be complacent."

　　Wang Rui said: "Golden Week tourism revenue only rebounded to 69.9% equivalent to last year."

　　The report said that the weakness of the consumer price index indicates that domestic demand is still fragile.

Zhang Qidi, a visiting researcher at the International Financial Research Center of Central University of Finance and Economics, said: "We have not seen the so-called retaliatory rebound in (consumption)."

　　In addition, according to the US "Wall Street Journal" website reported on October 9, as the new crown epidemic is basically under control, China's domestic tourist attractions are again crowded with tourists.

However, a full recovery in consumption may take some time.

　　According to official data, during the first half of the 8-day Golden Week, the country received 425 million tourists.

This is a strong rebound compared to May, when only 115 million people traveled during the five-day Labor Day holiday.

　　According to the report, however, tourism expenditure is still far from last year.

Tourism revenue in the first half of Golden Week fell by 31% year-on-year.

This is partly because some social distancing measures are still being implemented, such as tourist ceilings for tourist attractions, but the expenditure per trip has also dropped by 12%, indicating that consumers are still cautious.