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Xinhua News Agency, Beijing, October 8 Financial Watch: Enjoying the Results of Fighting the Epidemic Sends Signs of Recovery: China’s Christmas Economic Boom Gets Global Attention
Xinhua News Agency reporter Yu Maofeng
The “Eleventh” Golden Week has always been an important window to observe the Chinese economy. In the first “Eleventh” Golden Week under the normalization of the prevention and control of the new corona epidemic, China’s consumer market has clearly recovered and tourism, catering and shopping, culture and entertainment they have shown prosperity. Observers and foreign media noted that the hot holiday economy not only reflects the main strategic results in fighting the epidemic, but also sends a clear signal to the world that China’s economy continues to recover.
Effective escort against the epidemic for Golden Week
Successful control of the epidemic by China is an important prerequisite for Chinese to travel and consume with confidence during Golden Week. Bloomberg commented that the epidemic has been basically controlled in China, and the Golden Week holiday shows China’s confidence in the economic recovery and public health measures.
Han Jae-jin, director of the emerging markets department of the Korea Hyundai Economic Research Institute, said that China has taken the lead in controlling the epidemic in the world and made remarkable achievements in preventing epidemics. In the standardized epidemic prevention and control environment, promoting the holiday economy can fully release the vitality of residents’ consumption.
The epidemic has affected many industries worldwide, with the tourism industry being the most affected. Thanks to the effective control of the epidemic, Golden Week triggered a tourist boom in China. Statistics show that from October 1-4, China received 425 million domestic tourists and achieved tourism revenue of 312.02 billion yuan.
“China has returned to near normal conditions at an alarming rate,” commented the New York Times. Deutsche news agency reported that “the global tourism industry is expected to lose more than $ 1 trillion this year, and travel in China has generally returned to normal.”
Many foreign media outlets have set their sights on Wuhan, about half a year after the launch, lamenting its resistance. The British website “Times” published an article: “The number of bookings on the first day of the reopening of the Wuhan Sports Center has reached the upper limit. The shopping street is bustling and the iconic Yellow Crane Tower organized a brilliant show of lights and shadows at night. ” CNN The Yellow Crane Tower is reportedly one of the most sought after attractions during Golden Week.
Consumer boom indicates economic recovery
During Golden Week, China’s consumer market flourished at many points, and people’s consumption accelerated towards quality, diversification and individualization, and the trend of improvements in consumption was obvious.
Foreign media have noted that China’s major travel platforms favor high-quality travel products, such as self-driving tours or personalized tours that focus on privacy and security.
“Self-driving tours and personalized small-group tours of 1 to 6 people are the hot topics in the China ’11th’ Golden Week tourism market this year,” reported the BBC website.
With the boom in tourist travel, restaurants and shopping closely related to it have grown rapidly. At Sanya International Duty Free City, the daily cosmetic counters are packed with people and some well-known brand stores have to queue due to current restrictions.
Singapore’s “Lianhe Zaobao” analyzed that the epidemic has led to restrictions on overseas travel and shopping, and the Chinese middle class originally “buying, buying and buying” abroad has turned to enthusiasm for shopping in China.
Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics, a US think tank, said that Chinese consumption has started to rebound and that the growth rate of total retail sales of consumer goods in August went from negative to positive for the first time this year. Affected by factors such as “retaliatory consumption” during Golden Week, the retail industry is expected to accelerate its recovery.
Golden Week also witnessed a strong recovery in cultural consumption. According to data from the Maoyan box office analysis agency, at 0:00 on the 5th, the box office of the two newly released movies “My Hometown and Me” and “Jiang Ziya” exceeded RMB 1 billion.
The previously suppressed entertainment and cultural consumption was launched during Golden Week, ushering in a wave of “explosions” in the Chinese film market, giving hope to the foreign film market that is still in recession.
Super large market size promotes a win-win situation between China and foreign countries
The enormous power consumption displayed during the “Eleventh” Golden Week not only reflects China’s market size advantage, but also highlights the development momentum unleashed by the construction of a new “dual cycle” development pattern.
Mexican Economy Minister Graciela Márquez said that the strong and dynamic domestic market is driving China’s economic recovery, and China will gradually form a new pattern of development with national and international cycles as the main body and mutual promotion of national cycles. and international.
The Organization for Economic Cooperation and Development predicted in September that China will be the only G20 member to achieve economic growth this year. Foreign observers believe that the huge size of the Chinese market means that the rebound in Chinese consumption will boost exports and investment from countries to China and promote the recovery of neighboring economies and the world economy.
In an interview with the US media, Zhao Yaoting, global market strategist for the Asia-Pacific region of Invesco Investment Corporation, said that as the Chinese economy recovers from the impact of the epidemic, Asian economies will undoubtedly benefit. .
Gu Qingyang, Associate Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, believes that China’s rising domestic consumption will increase total global demand through international trade channels and promote the recovery of the global economy. . (Reporters participating: Lu Rui, Xiong Maoling, Wu Hao, Cai Shuya)
