As the Golden Week holidays approach, China is gearing up for an anticipated surge in consumption that could significantly boost its economic recovery. The eight-day holiday, which combines the Mid-Autumn Festival and National Day, is expected to stimulate tourism, retail, and other sectors, reflecting the vitality of the world’s second-largest economy.
Gift-giving, family reunions, travel, and shopping are traditional hallmarks of this period, making it a key barometer for private consumption in China. This year, business leaders are optimistic, especially with the ongoing Asian Games in Hangzhou adding to the festive atmosphere.
The holiday rush began on September 27, with China’s railways witnessing a massive influx of travelers. According to media reports, the China State Railway Shanghai Group Co. anticipates around 2.5 million passenger trips in the Yangtze River Delta region on the first day alone—an increase of 600,000 compared to 2019. Nationwide, official estimates predict that railways will handle 190 million passenger trips during the holidays.
The aviation sector is also expecting a significant uptick. The Civil Aviation Administration of China forecasts approximately 21 million air travelers throughout the period. These figures underscore the robust rebound in domestic travel and consumption.
The Golden Week holidays not only provide an opportunity for leisure and family gatherings but also play a crucial role in stabilizing the domestic supply chain. Increased demand for high-quality tourism products and services is expected to benefit various industries, from hospitality to retail. Night markets, shopping malls, and scenic attractions across the country are preparing for the influx of visitors.
Economists note that this surge in consumption is a positive signal for China’s economic momentum, particularly in the post-pandemic era. Consumption growth is a key driver of macroeconomic stability, and the government’s people-centric policies have been effective in encouraging domestic spending.
As millions of people travel and spend during the Golden Week, the festivities are set to highlight China’s dynamic economic landscape and its path toward sustained growth.
Reference(s):
cgtn.com
