According to foreign media reports, China expects Spring Festival consumption in 2024 to set a new record as it prepares for the world's largest annual population migration. The upcoming 2024 Spring Festival travel peak will witness a staggering 9 billion people, painting a vivid picture of vibrant economic activities and cultural celebrations.
As the Spring Festival unfolds, the crowded departure hall at Beijing Capital International Airport and the bustling atmosphere of markets across the country set the stage for the bustling Lunar New Year. In the midst of this frenzy, China is poised to experience not only record Spring Festival numbers, but also a surge in consumption, which is expected to have a lasting impact on its economic landscape.
The stories that emerged from the tourism boom are a testament to the intertwined relationship between immigration and economic dynamism. From a retired white-collar worker's road trip in Hainan Province to a mutual visa-waiver agreement between China and Singapore, all signs point to a booming tourism industry.
Searches for hotels in Singapore quadrupled on Qunar.com, reflecting the enthusiasm sparked by the announcement of the visa-waiver policy. This record migration is not limited to a specific mode of transportation; Instead, it encompasses a wide variety of ranges, including rail, road, aviation, and water. Autonomous mobility is expected to account for a large share, highlighting China's progress in transportation infrastructure.
Ahead of the Spring Festival celebrations, ticket sales in China's railway system surged, with 61.08 million tickets sold since January 12, up 159% year-on-year. Domestic airlines such as Air China are taking proactive steps and plan to offer 67,691 flights during the 40-day peak travel period to accommodate the influx of passengers.
In addition to the immediate travel situation, the impact of this Spring Festival is expected to extend to the country's economic structure. Consumption is the driving force of China's economic growth in 2023 and is expected to set a new record. The recent release of GDP data for China's provinces and cities has been remarkable, laying a solid foundation for optimistic economic expectations in 2024.
Experts stressed that China's consumption structure is constantly upgrading, and cultural tourism plays a pivotal role. The growth of the service sector, especially retail and catering, has become the cornerstone of economic expansion.
With holiday spending in focus, forecasts suggest that GDP growth in the first quarter of 2024 is likely to exceed preliminary estimates. If growth exceeds 5.2 percent and approaches 5.5 percent, China could outperform foreign agency forecasts, demonstrating the resilience and dynamism of the world's second-largest economy.
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