Commentary: National Day Holiday/Consumption
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
1. Screenshot of The Real Point commentary
Chengdu City, Sichuan Province, southwest China - Recent (CCTV - No access Chinese mainland)
2. Passengers in railway station waiting hall
Beijing, China - Recent (CCTV - No access Chinese mainland)
3. Various of passengers at railway station
Jilin City, Jilin Province, northeast China - Recent (CCTV - No access Chinese mainland)
4. Train arriving
Yinchuan City, Ningxia Hui Autonomous Region, northwest China - Recent (CCTV - No access Chinese mainland)
5. Various of road traffic
Fujian Province, east China - Recent (CCTV - No access Chinese mainland)
6. Various of traffic on expressway
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
7. Quotes from The Real Point commentary
Shanghai, China - Recent (CCTV - No access Chinese mainland)
8. Various of pedestrians in business street
Shenyang City, Liaoning Province, northeast China - Recent (CCTV - No access Chinese mainland)
9. Various of crowds of tourists
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
10. Quotes from The Real Point commentary
Hainan Province, south China - Recent (CCTV - No access Chinese mainland)
11. Various of consumers at shopping mall
Shanghai, China - Recent (CCTV - No access Chinese mainland)
12. Various of consumers at garment stores, supermarket
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
13. Quotes from The Real Point commentary
Beijing, China - Recent (CCTV - No access Chinese mainland)
14. Various of moviegoers in cinema, buying snacks, getting tickets
Guangdong Province, south China - Recent (CCTV - No access Chinese mainland)
15. Moviegoers having ticket checked
Shanghai, China - Recent (CCTV - No access Chinese mainland)
16. Interior of Oriental Pearl Tower, tourists lining up to enter
17. Graphic reading "boundless territory"
18. Tourists riding indoor roller coaster, wearing VR glasses
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
19. Quotes from The Real Point commentary
Chengdu City, Sichuan Province, southwest China - Sept 27-29, 2023 (CCTV - No access Chinese mainland)
20. Various of diners in restaurant
21. Various of Chengdu International Food Festival, people enjoying hotpot
Shanghai, China - Recent (CGTN - No access Chinese mainland)
22. Various of consumers waiting in line outside food store
23. Various of food store workers packing mooncake for consumers
China's booming consumer spending during the just concluded "golden week", spanning both the Mid-Autumn Festival and the National Day holidays from Sept 29 to Oct 6, sent a signal that the Chinese economy has picked up, which should quiet those voices talking down China’s growth, according to a China Media Group (CMG) commentary published on Saturday.
An edited English-language version of the commentary is as follows:
Chinese travelers made 826 million passenger trips within the country during the just-ended National Day holiday, 4.1 percent higher than in 2019, creating 753.43 billion yuan in tourism revenue, up 1.5 percent from 2019.
More than 160 million trips were made by railway alone across the country, while visits to the cinema saw China's cinema box offices raking in more than 2.73 billion yuan.
These figures show the consumer market in China remains robust. German newspaper Frankfurter Allgemeine Zeitung called the holiday travel fever a sign of the recovery of the Chinese economy.
As one of the country’s most important holidays, the Chinese people usually enjoy the treasured National Day holiday with traveling and shopping as the weather cools into autumn, giving the holiday the nickname of "Golden Week."
With this year’s National Day the first to be celebrated since the COVID-19 pandemic, both domestic and foreign markets were expecting a long-awaited uptick in consumer spending, driven by China’s accelerated economic recovery. And those expectations have been met, with crowded railway stations, floods of tourists at scenic spots, and sold out performances telling a strong story. Some media even called this holiday "the biggest Golden Week in the last five years."
China's consumer market grew steadily and rapidly during this year's National Day holiday, with sales of green, healthy and smart goods increasing significantly, the Ministry of Commerce said on Monday.
The reason for the strong vitality in China's consumption market during this holiday should be partially attributed to the release of travel and shopping demands that were suppressed during the COVID-19 pandemic and to policies and measures taken by Chinese governments at various levels to boost business recovery and expand consumption, according to analysts.
The prosperity during the Golden Week this year serves as an important signal that the Chinese economy has stabilized and picked up.
The Chinese economy has shown resilience and vitality, despite the world economic recovery remaining sluggish and the external environment getting more complex and concerning at the moment.
In the first half of this year, China's GDP grew by 5.5 percent year on year, topping the world's major economies.
Meanwhile, China's major economic indicators have picked up and turned positive in the first eight months of this year, with the added value of industrial enterprises above designated size growing by 3.9 percent year on year, the total retail sales of consumer goods up by seven percent year on year, fixed asset investment rising by 3.2 percent year on year, and retail sales of services jumping by 19.4 percent from the previous year.
Since August this year, a series of policy measures to expand domestic demand, boost confidence and guard against risks have successfully accelerated China's industrial and service production, with domestic demand continuing to expand, and the national economy recovering.
The purchasing managers' index (PMI) for China's manufacturing sector increased for the fourth consecutive month in September, with the reading returning to the expansion zone for the first time since April, official data showed.
The Wall Street Journal (WSJ) said in a recent report that China's economy is showing "signs of perking up" and "offering a glimmer of hope for the global economy" as higher interest rates have squeezed consumers and businesses in Europe and the US. A spokesman for the International Monetary Fund said that the organization has seen signs of stabilization in China's economy in recent data. International financial businesses such as Citigroup and Goldman Sachs have raised their forecasts for China's full-year economic growth. All these show that the international community has growing confidence in China's economic recovery. The United Nation's trade and development chief pointed out recently that "concerns about China's economic troubles are being exaggerated."
Objectively, the Chinese economy is still seeing a complex and grim international situation. With structural problems overlapping with cyclical factors, the domestic economy still lack foundations for sustained recovery. However, the robust consumption market during the National Day holiday has clearly indicated the Chinese economy's strong resilience, ample potential and enormous vitality and the fact that the fundamentals sustaining China's sound economic growth in the long run stay unchanged.
It is predictable that more positive factors will continue to emerge in China's economic activities, along with the implementation of policies to stabilize growth. The Chinese economy will further lead the global economic recovery with its strong resilience in a time when the world is facing inadequate growth impetus and muffle the noises talking down China's economy.
Commentary: National Day Holiday/Consumption
Dateline : Oct 7, 2023/Sept 27-29, 2023/Recent
Location : China
Duration : 2'38
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
1. Screenshot of The Real Point commentary
Chengdu City, Sichuan Province, southwest China - Recent (CCTV - No access Chinese mainland)
2. Passengers in railway station waiting hall
Beijing, China - Recent (CCTV - No access Chinese mainland)
3. Various of passengers at railway station
Jilin City, Jilin Province, northeast China - Recent (CCTV - No access Chinese mainland)
4. Train arriving
Yinchuan City, Ningxia Hui Autonomous Region, northwest China - Recent (CCTV - No access Chinese mainland)
5. Various of road traffic
Fujian Province, east China - Recent (CCTV - No access Chinese mainland)
6. Various of traffic on expressway
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
7. Quotes from The Real Point commentary
Shanghai, China - Recent (CCTV - No access Chinese mainland)
8. Various of pedestrians in business street
Shenyang City, Liaoning Province, northeast China - Recent (CCTV - No access Chinese mainland)
9. Various of crowds of tourists
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
10. Quotes from The Real Point commentary
Hainan Province, south China - Recent (CCTV - No access Chinese mainland)
11. Various of consumers at shopping mall
Shanghai, China - Recent (CCTV - No access Chinese mainland)
12. Various of consumers at garment stores, supermarket
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
13. Quotes from The Real Point commentary
Beijing, China - Recent (CCTV - No access Chinese mainland)
14. Various of moviegoers in cinema, buying snacks, getting tickets
Guangdong Province, south China - Recent (CCTV - No access Chinese mainland)
15. Moviegoers having ticket checked
Shanghai, China - Recent (CCTV - No access Chinese mainland)
16. Interior of Oriental Pearl Tower, tourists lining up to enter
17. Graphic reading "boundless territory"
18. Tourists riding indoor roller coaster, wearing VR glasses
Beijing, China - Oct 7, 2023 (CCTV - No access Chinese mainland)
19. Quotes from The Real Point commentary
Chengdu City, Sichuan Province, southwest China - Sept 27-29, 2023 (CCTV - No access Chinese mainland)
20. Various of diners in restaurant
21. Various of Chengdu International Food Festival, people enjoying hotpot
Shanghai, China - Recent (CGTN - No access Chinese mainland)
22. Various of consumers waiting in line outside food store
23. Various of food store workers packing mooncake for consumers
China's booming consumer spending during the just concluded "golden week", spanning both the Mid-Autumn Festival and the National Day holidays from Sept 29 to Oct 6, sent a signal that the Chinese economy has picked up, which should quiet those voices talking down China’s growth, according to a China Media Group (CMG) commentary published on Saturday.
An edited English-language version of the commentary is as follows:
Chinese travelers made 826 million passenger trips within the country during the just-ended National Day holiday, 4.1 percent higher than in 2019, creating 753.43 billion yuan in tourism revenue, up 1.5 percent from 2019.
More than 160 million trips were made by railway alone across the country, while visits to the cinema saw China's cinema box offices raking in more than 2.73 billion yuan.
These figures show the consumer market in China remains robust. German newspaper Frankfurter Allgemeine Zeitung called the holiday travel fever a sign of the recovery of the Chinese economy.
As one of the country’s most important holidays, the Chinese people usually enjoy the treasured National Day holiday with traveling and shopping as the weather cools into autumn, giving the holiday the nickname of "Golden Week."
With this year’s National Day the first to be celebrated since the COVID-19 pandemic, both domestic and foreign markets were expecting a long-awaited uptick in consumer spending, driven by China’s accelerated economic recovery. And those expectations have been met, with crowded railway stations, floods of tourists at scenic spots, and sold out performances telling a strong story. Some media even called this holiday "the biggest Golden Week in the last five years."
China's consumer market grew steadily and rapidly during this year's National Day holiday, with sales of green, healthy and smart goods increasing significantly, the Ministry of Commerce said on Monday.
The reason for the strong vitality in China's consumption market during this holiday should be partially attributed to the release of travel and shopping demands that were suppressed during the COVID-19 pandemic and to policies and measures taken by Chinese governments at various levels to boost business recovery and expand consumption, according to analysts.
The prosperity during the Golden Week this year serves as an important signal that the Chinese economy has stabilized and picked up.
The Chinese economy has shown resilience and vitality, despite the world economic recovery remaining sluggish and the external environment getting more complex and concerning at the moment.
In the first half of this year, China's GDP grew by 5.5 percent year on year, topping the world's major economies.
Meanwhile, China's major economic indicators have picked up and turned positive in the first eight months of this year, with the added value of industrial enterprises above designated size growing by 3.9 percent year on year, the total retail sales of consumer goods up by seven percent year on year, fixed asset investment rising by 3.2 percent year on year, and retail sales of services jumping by 19.4 percent from the previous year.
Since August this year, a series of policy measures to expand domestic demand, boost confidence and guard against risks have successfully accelerated China's industrial and service production, with domestic demand continuing to expand, and the national economy recovering.
The purchasing managers' index (PMI) for China's manufacturing sector increased for the fourth consecutive month in September, with the reading returning to the expansion zone for the first time since April, official data showed.
The Wall Street Journal (WSJ) said in a recent report that China's economy is showing "signs of perking up" and "offering a glimmer of hope for the global economy" as higher interest rates have squeezed consumers and businesses in Europe and the US. A spokesman for the International Monetary Fund said that the organization has seen signs of stabilization in China's economy in recent data. International financial businesses such as Citigroup and Goldman Sachs have raised their forecasts for China's full-year economic growth. All these show that the international community has growing confidence in China's economic recovery. The United Nation's trade and development chief pointed out recently that "concerns about China's economic troubles are being exaggerated."
Objectively, the Chinese economy is still seeing a complex and grim international situation. With structural problems overlapping with cyclical factors, the domestic economy still lack foundations for sustained recovery. However, the robust consumption market during the National Day holiday has clearly indicated the Chinese economy's strong resilience, ample potential and enormous vitality and the fact that the fundamentals sustaining China's sound economic growth in the long run stay unchanged.
It is predictable that more positive factors will continue to emerge in China's economic activities, along with the implementation of policies to stabilize growth. The Chinese economy will further lead the global economic recovery with its strong resilience in a time when the world is facing inadequate growth impetus and muffle the noises talking down China's economy.
ID : 8345622
Published : 2023-10-08 02:41
Last Modified : 2023-10-08 21:10:59
Source : China Central Television (CCTV),China Global Television Network (CGTN)
Restrictions : No access Chinese mainland
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