According to the data provided by the government, the rapid progress of Chinese tourism paused in the recent week-long National Day holiday. The 7-Day vacation from October 1 to October 7 is labeled as “Golden Week” and is one of some major administration-mandated holidays in a nation where personal days off are few. Particularly, this year’s National Day was noteworthy domestically as it revolved around grand celebrations on October 1 for the 70th anniversary of the CPC (Communist Party of China) rule. During the holiday, Chinese tourist sites earned 782 Million visits, which was more than 7% from 2018’s 726 Million units, as per to the MCT (Ministry of Culture and Tourism).
The food and beverage and retail sales from October 1–7 surged from 8.5% to $212.7 Billion (1.52 trillion yuan), as per to the MOFCOM (Ministry of Commerce). While a robust figure, that is still a slower rate than the MOFCOM’s alleges of almost 10% or higher development for the last few years. Ting Lu—Nomura’s Chief Economist (China)—stated, “Since China’s financial system has become ever more dependent on consumption to carry its growth, statistics from ‘Golden Weeks’ are a good indicator of China’s consumption development trend.” Chinese executives are trying to strengthen regional consumption in an attempt to back economic growth. The tourism growth declined in another golden week this year, which is the Lunar New Year holiday that comes in February. Official figures for foreign travel during that time were not clear regarding the actual pace of change.
On a similar note, recently, Chinese tourists stayed at home owing to Hong Kong protest and economy bite. The number of Chinese travelers visiting Hong Kong fell during one of China’s biggest weeks for foreign travel, with many opting to stay at home after 4 Months of protests and increasing anti-mainland sentiment. Nonetheless, travel agents reported the number of tourists going to Australia was stable.
Ivan accomplished the Degree of Bachelors in Management Information Systems. Earlier, he was working as a Business Analyst. However, his zeal to connect with people and share the knowledge pushed him into the field of writing. Lately, Market Research 24 Business section team celebrated Ivan’s successful 5 years with our news portal. As the Head of the Business Department, he shows active involvement in the quality check of every news report created by his team. At the same time, he never fails to show his superlative proofreading and editing skills along with the precise presentation abilities while writing news for the Market Research 24 platform.