BUSINESS China’s market sees revival in May Day holiday

BUSINESS

China’s market sees revival in May Day holiday

By Kong Dechen | People's Daily

11:48, May 15, 2020

China’s transportation, tourism and consumption rebounded markedly in the May Day holiday, and the domestic market saw adequate supplies with stable prices, maintaining general stability and releasing huge vitality.

During the five-day vacation, the total number of train, road, waterway and air trips made nationwide hit 121 million, about 24.3 million daily average, 17.9 percent higher than that of the previous five days. Domestic tourism revenue garnered 47.56 billion yuan ($6.7 billion) in the same period.

Travelers enter waiting rooms in Nanchang railway station in east China’s Jiangxi province on April 30. (Photo: Agencies)

“The Ministry of Transport will further improve and better implement regular epidemic control measures, and use every feasible means to guarantee the supply chain of international logistics in the next phase, in a bid to facilitate economic and social development and the comprehensive resumption of production and life of the people,” Liu Xiaoming, Vice Minister of Transport, introduced.

“The holiday carried special significance for the tourism market,” Wang Xiaofeng, an official with Ministry of Culture and Tourism (MCT), observed.

“The travel industry was greatly revived, as the MCT made active efforts to meet people’s need for travel and help tourism enterprises resume work while ensuring epidemic control and reducing congregations,” he added.

The MCT requested tourist attractions to limit their reception of tourists to as low as 30% of their maximum visitor capacity, and manage the flow of the tourists to avoid gatherings. At the same time, the travelers must make reservations beforehand and avoid peak time.

Tourists boat in the Luyang Lake Wetland Park in Yangzhou, east China's Jiangsu province on May 1.

To meet MCT’s requirements, tourist attractions increased manpower and strengthened management and control measures at major areas.

From May 1 to 5, a total of 115 million domestic trips were made across China, generating revenue of 47.56 billion yuan. The figure almost accounted for 50% of that last year, promoting the unleashing of potential in tourism-related consumption amid the continuous efforts of epidemic control and prevention, according to Wang.

The five-day holiday witnessed a robust domestic market and a revival in consumption, which reflected the strong resilience and vitality of China’s market.

The Ministry of Commerce (MOFCOM) said that key enterprises in retail industry showed a sign of remarkable revival, with a daily average sale up by 32.1 percent compared to the three-day Tomb-sweeping Day holiday in April.

Since the onset of the COVID-19 epidemic, 28 provinces and municipalities, as well as 170 cities across the country handed out consumption coupons totaling over 19 billion yuan, and soon stimulated consumption and boosted confidence, according to Wang Bingnan, Vice Minister of Commerce.

Customers shop at a duty-free store in Riyue Plaza, south China’s city of Haikou on May 1.

“The promotion campaigns aimed at helping catering and retail industries, which were hit hard by the pandemic, and they worked fairly well to bring customers back, playing a very important role in stabilizing enterprises and industries,” Wang added.

“Generally speaking, the speedy recovery of the consumption market in the May Day holiday showed the advantages of China’s ultra-large-scale market and the potential of domestic demand,” Wang introduced.

Going forward, the MOFCOM will continue to promote the resumption of business amidst the ongoing containment efforts, expand consumer spending, work faster to unleash domestic demand, and provide solid support for maintaining economic development and social stability, ensuring and improving living standards and forming a strong domestic market, Wang remarked.

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