(ECNS) -- The bustling Qingming holiday, resurgence in the manufacturing Purchasing Managers' Index (PMI), along with record-high imports and exports in the first two months, underscore the vitality of China's consumption, production, and foreign trade, signaling an upward trajectory of its economy.
Surging tourist numbers and soaring spending
During the three-day Qingming Festival holiday, the number of travelers surged, coupled with escalated spending.
Passengers walk out of Beijing South Railway Station, April 6, 2024. (Photo: China News Service/Jia Tianyong)
Domestic tourism during the holiday reached 119 million trips, an 11.5 percent increase compared to the same period in 2019, with domestic tourists spending 53.95 billion yuan ($7.46 billion) in total, up by 12.7 percent, according to data from the Chinese Ministry of Culture and Tourism.
Travel portal Trip.com Group said that over the holiday, bookings for short-distance tours to destinations within cities customers live in grew 211 percent year-on-year, while bookings to neighboring destinations located outside the cities they live in skyrocketed 350 percent year-on-year.
Zhou Maohua, macro researcher at the Financial Market Department of Everbright Bank, suggested that China's proactive policies to boost employment and income will bolster domestic consumption capacity and willingness.
Three PMI numbers rebound above boom-bust line
In March, China's three PMIs experienced a significant rebound above 50, surpassing the boom-bust line. According to the National Bureau of Statistics, the manufacturing PMI surged to 50.8 from 49.1 in February as manufacturers accelerated production after the Spring Festival holiday.
China's non-manufacturing PMI also rose, coming in at 53 in March versus February's 51.4.
The country's composite PMI, which includes both manufacturing and non-manufacturing activities, climbed to 52.7 in March from 50.9 in February.
The National Bureau of Statistics attributed this to "accelerated production and business activities, leading to a rebound in China's economic prosperity."
Wen Tao, an expert at the China Logistics Information Center, views the manufacturing PMI's return to expansion as a notable economic improvement.
An article on Singapore's Lianhe Zaobao cited experts saying that the PMI's return above 50 signifies that China had found new growth engines and was no longer solely reliant on real estate to drive expansion.
With China's productivity growing, enterprise profits also improved.
From January to February, total profits of industrial enterprises above the designated size stood at 914.06 billion yuan, a year-on-year increase of 10.2 percent, representing continuous growth since last August, according to the latest data released by the National Bureau of Statistics (NBS).
Imports and exports reach a historic high
In addition to PMI numbers, China's imports and exports also showed positive signs of economic rebound.
Trade in the first two months of this year amounted to 66 trillion yuan, marking a new historical peak.
The General Administration of Customs noted that this roughly matches China's entire annual foreign trade value 20 years ago.
Wen Bin, chief economist at China Minsheng Bank, anticipates a stronger-than-expected economic recovery, with the first quarter economic growth rate projected to reach approximately 5.0 percent, laying a solid foundation for annual targets.
中新经纬1月11日电 据国家药品监督管理局网站消息，1月9日至10日，全国药品监督管理工作会议在北京召开。 会议对2024年药品监管工作作了四个方面具体部署。一是打好防控药品安全风险主动仗。把防范化解药品质量安 春节档蝶变：从7亿到80亿，从影院冷清到票房飞驰 在刚刚结束的春节档，电影市场再度创造历史。据灯塔研究院最新发布的《龙腾虎跃，势如破竹――2024年春节档电影市场洞察报告》， 2024年春节档(2月10日-2月17日)，全国电 中新网2月18日电 海安应急管理微信公众号发布情况通报，2024年2月18日2时11分，海安经济技术开发区亚太轻合金(南通)科技股份有限公司车间内生产铝棒的铸造井区域发生爆炸。截至目前，共造成3人死亡，2人失联，搜救和善后工 近日，中共中央印发了修订后的《中国共产党巡视工作条例》（以下简称《条例》），并发出通知，要求各地区各部门认真遵照执行。通知指出，《条例》坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻习近 【光明论坛】近日，中共中央印发《党史学习教育工作条例》（以下简称《条例》），对于推动党史学习教育常态化长效化，推动全党全社会学好党史、用好党史，从党的历史中汲取智慧和力量，弘扬伟大建党精神，传承红 中新经纬2月22日电 证监会辽宁监管局网站22日消息，经查，辽宁中鑫华资产评估事务所(有限合伙)从事证券服务业务，未按规定向中国证券监督管理委员会备案。 辽宁证监局认为，以上行为违反了《证券服务机构从事证券服务 。本文链接：Multiple indicators signal upward trend in Chinese economyhttp://www.sushuapos.com/show-5-11837-0.html
声明：本网站为非营利性网站，本网页内容由互联网博主自发贡献，不代表本站观点，本站不承担任何法律责任。天上不会到馅饼，请大家谨防诈骗！若有侵权等问题请及时与本网联系，我们将在第一时间删除处理。