Islamabad, February 19 (INP): Spring Festival celebrated across China, signaling positive outlook for Chinese economy in 2024, according to a report carried by Gwadar Pro on Monday. China's tourism market dazzled during the recently concluded eight-day Spring Festival holiday, culminating on Feb 17, underscoring the nation's economic vitality. Surpassing expectations, both domestic travel and spending soared to record heights, showcasing a remarkable rebound in consumption post-COVID-19.  The surge in travel and spending underscores renewed optimism among Chinese consumers, illuminating the resilience and potential of China's consumption market, a pivotal driver of economic growth. Analysts are now fairly bullish on China's economic recovery for 2024 and beyond, citing robust policy support and a host of favorable indicators.  Amidst uncertainties, China's buoyant holiday season has offered a beacon of hope, signaling a brighter future for the world's second-largest economy. 

According to data from the Ministry of Culture and Tourism released on Sunday, a staggering 474 million domestic trips were made, marking a remarkable 34.3 percent year-on-year increase.  Equally impressive was the surge in total domestic tourism spending, soaring by 47.3 percent to approximately 632.69 billion yuan ($87.95 billion). Of particular note is the remarkable growth compared to pre-pandemic levels, with the number of trips and total spending surpassing those of the same period in 2019 by 19 percent and 7.7 percent, respectively.  The Ministry of Culture and Tourism attributes this surge to various favorable factors, including heightened willingness among urban and rural residents to travel and supportive government policies.

The extended Lunar New Year holiday in China this year, stretching beyond the usual seven days, has further sparked a surge in tourism-focused trips across the country.  With an additional day to explore, travelers have gravitated towards destinations offering diverse experiences, from the warm vistas of Kunming and Sanya to the wintry charm of Harbin's Ice-Snow World.  Southern locales boasting tropical climates have emerged as top picks, with Kunming in Yunnan province and Sanya in Hainan province drawing significant interest. The Ministry of Culture and Tourism reported a notable surge in both inbound and outbound travel, with over 3.6 million overseas trips and 3.23 million visits from international travelers to the Chinese mainland.  This surge translated into a staggering 13.52 million inbound and outbound trips, marking a threefold increase from the previous year.  The impressive performance of the tourism market underscores China's growing importance as a global travel destination and highlights the enduring appeal of its rich cultural heritage and diverse landscapes to visitors from around the world. 

The Ministry of Culture and Tourism spearheaded "Happy Chinese New Year" themed events, setting the stage for a vibrant cultural and tourism landscape.  Local governments complemented these initiatives by offering consumption incentives, including tourism coupons, amplifying economic activity during the festive period. The results speak volumes: the Ministry of Commerce reported a substantial uptick in sales of festive goods, with key retail sectors like organic food and jewelry experiencing double-digit growth.  Notably, 2023 witnessed record-breaking retail sales, with consumption emerging as the primary driver of economic expansion, contributing a remarkable 82.5 percent to overall growth. 

This surge underscores the critical role of sustained consumption in driving economic momentum. In the meantime, moviegoers thronged to theaters across the country, resulting in a record-breaking box office revenue of 8.02 billion yuan, as reported by the China Film Administration.  Amid global economic challenges, China continues its steady path to recovery, a trajectory expected to solidify in 2024, analysts affirm. This resilience owes much to bolstered policy backing and a growing confidence among consumers and businesses alike. 

Illustrating Beijing's unwavering commitment to economic advancement, regional authorities have wasted no time post-Lunar New Year in charting their course for the year ahead.  Many provinces are prioritizing enhancements to the business climate. Shanghai, for instance, unveiled plans to cultivate a premier business environment.  Shandong Province in the east pledged to ramp up investment allure, while Guangdong Province in the south underscored ambitions for technological autonomy. 

These strategies underscore China's resolve to fortify its economic foundation and foster innovation-driven growth. Information in this article comes from third party providers. This website does not provide explicit or implied warranty for such information and is not liable for any losses directly or indirectly caused by using such information.

Credit: Independent News Pakistan (INP) — Pak-China