China’s consumption market witnessed a remarkable surge during the National Day holiday from October 1 to October 7, signaling robust economic momentum in the country. According to value-added tax invoice data from the State Taxation Administration, daily sales revenue in consumption-related sectors soared by 25.1 percent year on year.
The entertainment industry experienced significant growth, with China’s film sector generating over 2.1 billion yuan (approximately $300 million) in box office revenue. The National Film Administration reported that 52.09 million movie tickets were sold during the holiday period, highlighting a thriving cultural scene.
Travel and tourism also saw substantial increases, reflecting the population’s eagerness to explore and reconnect. The Ministry of Culture and Tourism recorded 765 million domestic passenger trips over the seven-day holiday, marking a 5.9 percent increase compared to the previous year and a 10.2 percent growth from the same period in 2019.
This surge in consumption and travel underscores the resilience of China’s domestic market and the effectiveness of measures to stimulate economic activity. Businesses across the nation reaped the benefits of heightened consumer confidence, contributing to a vibrant holiday economy.
Analysts suggest that this upward trend is likely to continue as China further encourages domestic spending and cultural engagement. The impressive figures from the National Day holiday provide a positive outlook for the remainder of the year, with expectations of sustained growth in key sectors.
Reference(s):
cgtn.com
