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.
1月钢铁市场震荡延续 钢企盈利面临收缩压力 证券时报记者 黄翔 2023年下半年以来，国内钢材市场开始呈现震荡上涨的行情。进入2024年，钢价能否延续这一趋势受到关注。 据了解，去年钢铁行业经历先抑后扬的走 直播电商人才：是“野蛮生长”还是“学院派”培养 在2024年寒假来临之前，北京电子科技职业学院电子商务(京东定向培养)专业的学生，迎来了一次直播实操培训课。 整个教学安排持续了近两周。前4天，由合作企业的老 检察题材电影《第二十条》春节档全国热映，艺术地诠释了“法不能向不法让步”的司法理念，受到社会各界的广泛关注。最高检微信公众号即日起开设“你评我说·检察官看《第二十条》”专栏，邀请检察人员 为降低新一轮低温雨雪冰冻天气对农业生产带来的影响，湖北省沙洋县农业农村局组织技术服务指导组深入田间地头，重点围绕蔬菜大棚、油菜等主打产业，开展防冻避灾、病虫防控等全程技术指导服务，最大限度减少 中新经纬2月23日电 题：马面裙脱销背后，品牌价值尚待深挖 作者 李杰 中新经纬特约专家、山东工艺美术学院服装学院院长 近年来，汉服消费愈加火热，特别是这个春节里马面裙再次火爆出圈，无疑带动了一轮文化消费热。 中新经纬2月23日电 国家邮政局官方微信号23日称，近日，国家邮政局发出通知，要求全系统全行业提高思想认识，严格周密部署，强化责任落实，切实做好全国两会期间寄递渠道安全服务保障工作。 通知指出，各级邮政管理部门要强 。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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