BEIJING (XINHUA) – As the Year of the Snake unfolds, China’s economy is setting the stage for dynamic growth, with consumption, high-quality development and the capital market presenting new growth drivers, signaling a strong recovery and a shift toward more sustainable and innovation-driven development.
China saw vibrant consumer spending during the recent Spring Festival holiday, with standout sectors including tourism and services.
Domestic travel spending during the eight-day holiday, which ended last Tuesday, reached CNY677 billion (USD94.4 billion), representing a seven per cent increase from the same period last year, according to data released by the Ministry of Culture and Tourism.
Homestay businesses flourished during the period, attracting tourists with personalised lodging experiences marked by local cultural characteristics. Their sales revenues increased 12.6 per cent compared to the Spring Festival holiday last year.
This year’s holiday also saw a surge in enthusiasm for winter sports and leisure, with attractions such as the Harbin Ice-Snow World attracting over 610,000 visitors.
The 2024-2025 winter season is expected to see some 520 million trips, generating over CNY630 billion in tourism revenue, according to a report released by the China Tourism Academy.
China’s Spring Festival holiday box office revenue climbed to a record-breaking CNY9.51 billion, according to the China Film Administration. The number of holiday moviegoers also soared, with 187 million people packing out theatres.
Strong participation in China’s policy-backed consumer goods trade-in programme boosted holiday market consumer sentiment. Household appliance and audiovisual equipment sales revenues surged 166.4 per cent from last year’s holiday figure, and sales of communication devices jumped 181.9 per cent, according to the State Taxation Administration.
Since last year, “trade-in” has become a common term in China’s consumer market, with the national trade-in campaign driving steady retail sales growth.
Immediately after the holiday, many regions across China held their first official meetings of the new year, focusing on such areas as strengthening the real economy, optimising the business environment, and advancing technological innovation to drive high-quality economic and social development.
Guangdong, a major manufacturing province, has released a 2025 action plan to build a modern industrial system with an annual investment of CNY1 trillion, including 380 industrial projects in high-end equipment manufacturing, new materials, petrochemicals, steel and other sectors.
Shanghai held its annual city business environment conference for the eighth consecutive year and also released an action plan, introducing 58 measures, including measures to optimise overall services for enterprises and improve business-related supervision and inspections.
In Zhejiang, the provincial government is working to foster the deeper integration of technological and industrial innovation, and to establish a collaborative framework that brings together universities, platforms, enterprises and industrial chains.
Likewise, central China’s Hubei Province and the southern island province of Hainan are focusing on technological innovation as their key development direction.
Global financial institutions are optimistic about China’s capital markets after the holiday, reinforcing the country’s often underestimated capacity to sustain innovation.
