BEIJING: As the Year of the Snake unfolds, China’s economy is setting the stage for dynamic growth, with consumption, high-quality development and the capital market presenting new growth drivers, signaling a strong recovery and a shift toward more sustainable and innovation-driven development. China saw vibrant consumer spending during the recent Spring Festival holiday, with standout sectors including tourism and services.
Domestic travel spending during the eight-day holiday, which ended last Tuesday, reached 677 billion yuan ($94.4 billion), representing a 7 percent increase from the same period last year, according to data released by the Ministry of Culture and Tourism. Homestay businesses flourished during the period, attracting tourists with personalized lodging experiences marked by local cultural characteristics. Their sales revenues increased 12.6 percent compared to the Spring Festival holiday last year.
This year’s holiday also saw a surge in enthusiasm for winter sports and leisure, with attractions such as the Harbin Ice-Snow World attracting over 610,000 visitors.
The 2024-2025 winter season is expected to see some 520 million trips, generating over 630 billion yuan in tourism revenue, according to a report released by the China Tourism Academy.
China’s Spring Festival holiday box office revenue climbed to a record-breaking 9.51 billion yuan, according to the China Film Administration. The number of holiday moviegoers also soared, with 187 million people packing out theaters. Strong participation in China’s policy-backed consumer goods trade-in program boosted holiday market consumer sentiment. Household appliance and audiovisual equipment sales revenues surged 166.4 percent from last year’s holiday figure, and sales of communication devices jumped 181.9 percent, according to the State Taxation Administration. –The Daily Mail-China Daily news exchange item
