Chinese state media on Sunday touted a record domestic travel season for the Lunar New Year holiday, which was one of the busiest in the world before the Wuhan coronavirus pandemic.
China is hoping that a huge surge in travel and a boost in consumer spending will calm investors nervous about the Chinese economy and looking for alternative investments in Asia.
“The travel and consumption boom during the eight-day holiday highlighted the improvement in China’s consumer sentiment and fully highlighted the vitality and vast potential of China’s consumer market, which is the biggest driver of economic growth. This will help brighten the outlook for China’s economic recovery from 2024 onwards.” boasted state-run Global Times, Clarifying the Chinese government’s message to global investors.
by Global Times, Chinese government planners rushed back to their offices as soon as the Lunar New Year holiday ended to plan economic activities for the rest of the year, focusing on issues such as optimizing the business environment and improving official efficiency. It was for the purpose of “establishing a
People walk near Houhai Lake in Beijing, Thursday, February 8, 2024. Chinese stocks rose on Thursday as investors appeared to cheer the Chinese government’s choice of an industry veteran to replace its securities watchdog head in the latest effort to boost confidence in a struggling market did. (AP Photo/Andy Wong)
All Chinese officials, down to Premier Li Qiang, have tried to give the impression that they can’t wait to get back to their desks and plan for a bright economic future illuminated by a hugely successful holiday season.
During the eight-day Chinese New Year holiday that ended on Saturday, domestic travel reached 474 million people, an increase of 34.3% year-on-year, and total domestic tourism expenditure was about 632.69 billion, an increase of 47.3% year-on-year. Ta. RMB ($87.95 billion), according to data released by the Ministry of Culture and Tourism (MCT) on Sunday.
Significantly, the number of holiday trips increased by 19% compared to pre-pandemic levels for the same period in 2019, and total spending increased by 7.7% compared to the same period in 2019, according to MCT data. Ta.
of Global Times When he surveyed China’s landscape, all he saw was “bustling scenes across the country,” from railways and airports to tourist attractions and movie theaters. The Chinese box office reported that ticket sales during the holiday period exceeded $1 billion, setting a new record.
“China’s increasing economic vitality was clearly felt abroad, with many Chinese visiting a significant number of countries during their holidays. In total, 3.6 million Chinese tourists traveled abroad; The number of trips reached 3.23 million. Global Times They raised their voices as if all doubts about the Chinese economy had been dispelled from all over the world in the past eight days.
The actual situation in China’s economy has not been very optimistic over the past few months, according to investors. move Move their money to alternative countries like India and consider the possibility that China’s boom years are over for good.China’s post-pandemic recovery has been much slower than optimistic forecasts, and ultimately hitting Although the government’s growth targets have been revised, foreign investors are a little nervous. And perhaps we are a little more aware of the moral hazard of dealing with genocidal tyranny than we were when China’s growth seemed unstoppable.
Foreign direct investment in China Dropped Last year was the lowest level since the early 1990s. forbes I made observation On Monday, foreign analysts, all too accustomed to the opacity and duplicity of Chinese officials and distrustful of the economic news headlines trumpeted by Chinese state media, said they were not looking for “such data as electricity usage” to understand the state of the economy. The company is carefully examining “tiny indicators.” What the Chinese authorities are actually doing today and what the Chinese authorities will do tomorrow.
Worshipers go to pray at a temple on the first day of the Lunar New Year in Taipei, Taiwan, Saturday, February 10, 2024. (AP Photo/Yingying Chiang)
forbes The main concerns for foreign investors include fear of conflict over Taiwan, fear that China’s real estate market will collapse and the economy collapse, and “an apparent lack of urgency in economic policy-making.” “lack”, which is exactly the same thing as urgency. Global Times took pains to write an article about how Beijing bureaucrats, buoyed by the wonderful Lunar New Year travel season, jumped off holiday planes and landed in staterooms.
of Global Times published several articles in which reporters who returned to their hometowns for the Spring Festival marveled at the vibrancy and prosperity of their hometowns.
in one such article From Sunday, Global Times Criticizing those who think China is becoming “less festive,” reporters in the tightly controlled state media see glowing enthusiasm and public transport that can barely keep up with happy tourists everywhere they look. Because all you can see is the institution.
A reporter who visited Shandong predicted that “Once the New Year celebrations are truly over, the city will return to normal business, and people will welcome the new year with confidence and good expectations.”
