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China’s economy is “picking up its pace again” as tourism and spending picked up during the country’s Golden Week holiday last week, according to a CNN analysis on Sunday.
This year’s National Day holiday that began on October 1 coincided with the Mid-Autumn Festival, so the traditional week-long holiday lasts eight days.
By the end of the year, China’s share of global Gross Domestic Product (GDP) is likely to rise to 17.5 percent, an increase of 1.1 percentage points, according to a CNN Business calculation using World Bank data.
The analysis also noted that the World Bank has projected that China’s GDP is expected to grow 1.6 percent this year, while the global economy as a whole will contract 5.2 percent. Tourism revenue in China reached 466.56 billion yuan (69.7 billion US dollars). 69.9 percent of that in the same period of 2019, according to the Ministry of Culture and Tourism.
Tourist attractions across the country received a total of 637 million visits during the holidays, representing 79 percent of visits during the holidays last year, according to the ministry.Oxford Economics, a British research and advisory group , also indicates that China’s share of world GDP will increase. it will rise by about one percentage point this year, the article said, adding that China’s economy has benefited from its vital role in global supply chains.
“Even as tensions between the United States and China have dramatically worsened recently, many US multinationals remain interested in engaging with China,” said Louis Kuijs, chief Asia economist at Oxford Economics.
He added that China’s measures to facilitate foreign investment in its financial sector are likely to encourage US companies as well.
