First press reports concerning China National Day Holidays suggest that tourism activity and domestic consumption were strong.
More from the FT:
With China’s highways snarled by traffic, thousands of tourists stranded at one of the country’s beloved national parks and millions more crushing into its most popular attractions, there is little question that the Chinese nation is once again on holiday.
Early government estimates are that this National Day holiday week, which began on Tuesday, will be a record for the country in terms of domestic visitor numbers and tourism revenue, with both up about 20 per cent compared with the same period 12 months earlier.
Overall, there were 8.4m tourists at China’s 125 most-visited tourist sites over the first two days of the National Day holiday week, up 19 per cent from a year earlier, according to the national tourism administration. Revenue at these sites was up 27 per cent year on year, reaching Rmb437m ($71.4m).
More from the WSJ:
Scenic spots around China are reportedly mobbed with visitors during a long national holiday this week, which has many ordinary Chinese frustrated. But this is actually an encouraging sign for the country’s economy.
The total number of people arriving at major tourist sites in China over the first two days of the “National Day” holiday is up 18.8% from last year.
Other data tell a similar story. On Oct. 1, the first day of the holiday, Chinese railroads carried 10.3 million passengers. That’s up 13.2% from a year earlier, according to government figures.
- Strong tourism numbers pointed to robust consumer confidence and seasonal hiring.
- Consumption should remain strong in October confirming the steady increase of retail sales since the beginning of the year.