During the just past Golden Week Holiday (from Sept 29 to Oct 6), Chinese people were reported to have made over 800 million domestic tourist trips, with a total consumption of over 750 billion yuan. The average number of inbound and outbound passenger trips reached 1.477 million, equivalent to 85.1% of the number of average trips made in the same period in 2019. Signs of bustling tourism and boosting GDP growth are noticeable, underlining the robust recovery of the world's second-largest economy.
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Domestic Tourism Sees a Strong Rebound
The Golden Week holiday showcased vibrant travel and thriving entertainment, highlighting people's desire for a better life and China's strong economic vitality. According to the Ministry of Culture and Tourism, during the eight-day holiday, domestic attractions welcomed around 826 million visitors, a 71.3% year-on-year increase and a 4.1% growth compared to that of 2019 before the pandemic. Total revenue also surged to 753.4 billion yuan ($103 billion) over the eight days, a year-on-year increase of 129.5% and a 1.5% growth compared to that of 2019.
According to the Ministry of Transport, just on October 6, the last day of the Golden Week holiday, a total of 59.89 million travelers is expected across railways, highways, waterways, and civil aviation, a 58.4% increase compared to the same period in 2022. Specifically, 18.8 million railway passengers were expected, a 156.1% jump from 2022. Surges in civil aviation and national expressways are also seen, which is a 176.0% increase of 2.24 million passengers and a 66.2% increase of 57.85 million vehicles, respectively.
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Cross-Border Trips Also Embrace Huge Recover
The average number of inbound and outbound passenger trips a day reached 1.477 million during the Golden Week holiday, according to the National Immigration Administration, which is 85.1% of the average trips made in the same period in 2019 and nearly quadruple the 2022 average.
The rebound in international travel by Chinese tourists will be a good thing for many tourism-dependent businesses around the world. Before COVID-19, mainland Chinese tourists spent a total of $255 billion in 2019, more than any other country's tourists when abroad, with group tours accounting for around 60% of that.
Booking platforms and agencies say Chinese tourists who look forward to traveling abroad prefer cheaper Asian destinations. Thailand is by far an ideal choice because of its visa waiver program.
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China Maintains Its Market Confidence
Zhang Yi, CEO of iiMedia Research Institute, told Global Times on Friday that the consumption boom reflected the strong resilience and driving force of the spending power of Chinese residents. Cong Yi, a professor at the Tianjin University of Finance and Economics agreed with Zhang and added that China's huge consumption potential also serves as a significant factor in further shoring up market confidence and bolstering domestic demand, which will play a vital role in promoting continuous economic growth while elevating supply.
Zhang expected the consumption momentum to become an indispensable engine for advancing the economy, as the fourth quarter is also a peak season for domestic consumption, with consumption carnivals like the Double 11 online shopping festival.
Though some media outlets and politicians look bearish on the Chinese economy, experts said China's consumer market is showing strong recovery and growth signs despite downward pressure with its strong market potential, resilience, and confidence.
Cong continued that China maintains its confidence as the world's second-largest consumption market, especially amid the process of rapid structural upgrading. He also stressed the importance of stepping up efforts in sectors such as infrastructure investment and support for the private economy to ignite market dynamics.
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China's economic development should be the least worrying one during the global economic recovery process, Cong concluded.
References: 1. China Daily 2. Reuters 3. Global Times
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