China ‘golden week’ saw spending regain its shine, buoyed by confidence boost
Chinese travellers and tourists spent 700.82 billion yuan during the just-ended holiday week – a 7.9 per cent increase from the same period in pre-pandemic 2019
Chinese households opened their wallets amid a spending spree during the “golden week” holiday that concluded on Monday, kicking off the year’s final quarter with a hefty injection of consumption as Beijing entered the home straight toward its goal of realising “around 5 per cent” economic growth in 2024.
Spending figures were released on Tuesday as the country’s top economic planner pledged to take further actions to bolster the economy, after a Politburo meeting signalled leadership’s resolve to tackle economic challenges in the week before the holiday.
From October 1-7, one of the longest public holidays on the mainland, mainlanders made 765 million domestic trips, a year-on-year increase of 5.9 per cent and up by 10.2 per cent from the same period in 2019, the Ministry of Culture and Tourism said on Tuesday.
Domestic tourists also spent 700.82 billion yuan (US$99 billion), a year-on-year rise of 6.3 per cent and up by 7.9 per cent from the same period in 2019, authorities said.
We continue to be optimistic about the … catalytic effect of subsequent consumption-promotion policies
Beijing’s municipal cultural and tourism bureau on Tuesday reported historical highs in both visitors and tourism revenue during the past week. The capital city welcomed 21.6 million visitors, marking an 18.35 per cent year-on-year increase, with total tourism revenue reaching 26.88 billion yuan, up 11.67 per cent.
