Tourists visit Changdian temple fair to celebrate the Spring Festival in Beijing, capital of China, Jan. 30, 2025. (Xinhua/Ju Huanzong)
BEIJING, Feb. 15 (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.
BOOMING CONSUMPTION
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 677 billion yuan (94.4 billion U.S. dollars), representing a 7 percent 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 personalized lodging experiences marked by local cultural characteristics. Their sales revenues increased 12.6 percent 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 630 billion yuan 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 9.51 billion yuan, according to the China Film Administration. The number of holiday moviegoers also soared, with 187 million people packing out theaters.
Strong participation in China's policy-backed consumer goods trade-in program boosted holiday market consumer sentiment. Household appliance and audiovisual equipment sales revenues surged 166.4 percent from last year's holiday figure, and sales of communication devices jumped 181.9 percent, 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.
HIGH-QUALITY DEVELOPMENT
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, optimizing 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 1 trillion yuan, 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 optimize 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.
UPBEAT MARKET OUTLOOK
Global financial institutions are optimistic about China's capital markets after the holiday, reinforcing the country's often underestimated capacity to sustain innovation.
As investors become more aware of this innovation, the valuation gap between China and emerging markets will narrow, and foreign capital inflows will pick up, said Desmond Kuang, chief investment officer for China at HSBC Global Private Banking and Wealth.
James Wang, head of China Strategy at UBS Investment Bank Research, said that thematic trading could be a key feature of this year's equity market.
Thematic trading could be driven by the uncertain yet potentially pervasive nature of AI applications -- which could lead to revenue growth for beneficiaries -- and by a moderately loose monetary policy that supports equity valuations, Wang said in a research note.
中新经纬2月18日电 据微信号“中国铁路”18日消息，2月17日正月初八，春节假期最后一天，全国铁路发送旅客1606.7万人次，连续4天刷新春运单日旅客发送量历史新高；春节假期(2月10日至17日)，全国铁路累计发送旅客9946万人次 2024年春节档票房创中国影史新高 中新社北京2月17日电 (记者 高凯)据灯塔专业版数据，截至北京时间2月17日13时50分，2024年春节档总票房达78.44亿元(人民币，下同)，超过2021年春节档(78.43亿元)，打破中国影史春节档票 2月19日至22日，以“文化艺术交流中俄世代友好”为主题的中俄文化艺术交流周暨冰雪旅游消费季活动在黑龙江省鹤岗市举行，由160名俄罗斯青少年组成的代表团应邀来到鹤岗，与中国青少年开展了一系列 中国经济导报、中国发展网讯 记者王晓涛报道 2月22日，普华永道发布了2023年下半年中国科技、媒体及通信行业（TMT）企业首次公开募股（IPO）数据。2023年下半年，全球资本市场发展趋缓，内地TMT企业上市数量及融 最高检：对未成年人实施网络暴力依法从重处罚 中新网2月23日电 据最高人民检察院微博消息，2月23日，最高人民检察院法律政策研究室主任高景峰在访谈时介绍，对网络暴力违法犯罪，应当体现从严惩治精神，依法严肃追究，切实 “奥德修斯”着陆！时隔50多年美国航天器首次登月 中新网2月23日电 综合美媒报道，当地时间22日，美国“直觉机器”公司研发的月球着陆器“奥德修斯”在月球着陆。 美国全国广播公司(NBC)称，这是时隔50多年美国航 。本文链接：China's economy kicks off new year with fresh trendshttp://www.sushuapos.com/show-5-46293-0.html
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