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'Radio China': 'Golden Week' demonstrates sustainability and vitality of China's economy

Prolonged weekends for big holidays in China (“golden week”) have always been an important indicator of the economy, reflecting consumer sentiment and people's willingness to spend.
In this sense, the just concluded “golden week” on the occasion of the national holiday and the holiday “Mid-Autumn” (October 1-8) showed that the revenues from retail and eateries were around 1.6 trillion yuan, with the average daily sales in the sector increased by 4.9%, compared to the previous such period; 637 million tourist trips were made across the country and tourist revenues amounted to 466.56 billion yuan, an increase of 79.0% and 69.9%, respectively; theaters generated 3.952 billion yuan, attracting nearly 100 million viewers.

These data led the New York Times newspaper to comment that the current “golden week” is “the clearest signal yet for the recovery of the Chinese economy since the epidemic.”

China's economic development is currently undergoing a transformation from overreliance on investment and exports to a greater emphasis on domestic demand, especially consumption. The trend towards modernization of Chinese consumption continues, with the vigorous development of the digital economy accelerating this process and providing important support for the restoration of the national economy.

The accelerated recovery of the Chinese consumer market is the result of joint efforts by government, business and society. According to forecasts from international institutions such as the International Monetary Fund and the World Bank, China is expected to become the only major economy to achieve positive growth this year. Amid the gloomy global outlook, the recovery of China's economy will undoubtedly bring more confidence and hope to the world.