As the winter chill sets in, China is experiencing a surge in travel and consumption, transforming the “cold resources” into a “hot economy” as the New Year’s Day holiday approaches. Experts highlight that the Chinese economy is on a path of accelerating recovery, with new growth drivers continually emerging and propelling momentum into 2024.
Data from major travel platforms indicates a robust recovery in both domestic and cross-border tourism. Noteworthy destinations such as Beijing, Shanghai, Harbin in Northeast China’s Heilongjiang Province, and Hainan in South China are witnessing a substantial increase in travel bookings for New Year’s. The booking volume for tourism products has seen exponential growth despite the frigid temperatures.
Key attractions such as Nanshan Ski Resort in Beijing’s suburban Miyun district and Xishan Ski Resort in Beijing’s Haidian district are anticipating a significant influx of visitors during the New Year’s Day holiday. Families with children and international tourists are among the predominant visitors, showcasing a growing interest in winter sports and activities.
According to domestic travel platform Mafengwo, discussions on the platform about “New Year’s trip destination” have increased by 266 percent over the past week. Overall travel bookings for the New Year’s Day holiday have surged more than threefold compared to the previous year, with hotel reservations experiencing a remarkable increase of over fivefold. Airline ticket bookings have grown by 205 percent year-on-year.
The tourism sector, with its integration of “cultural, sports, and tourism,” has played a significant role in the country’s economic recovery. The Central Economic Work Conference in Beijing emphasized the importance of stimulating consumption potentials and expanding productive investment. New growth areas, including smart home appliances, entertainment, tourism, sports events, and trendy domestic brands, are expected to contribute to the recovery of the economy.
The integrated development of “cultural, sports, and tourism” has proven effective in fostering new businesses and stimulating economic vitality. The National Bureau of Statistics reported rapid growth in the services industry in November, contributing to the acceleration of the national service production index.
China’s total retail sales of consumer goods reached 34.2 trillion yuan ($4.79 trillion) in the first three quarters of the year, up 6.8 percent year-on-year. Household consumption has been a key factor in driving economic growth, outperforming expectations.
As the New Year’s Day and Spring Festival holidays approach, coupled with the flourishing winter consumption trends, China is expected to witness a peak season for consumption, significantly enhancing vitality and driving economic growth in the new year. Winter consumption, from tourism to cultural activities and the sale of winter heating products, is gaining momentum and presents strong potential for future growth.
In addition to the booming domestic tourism, China’s efforts to boost cross-border trips, optimize entry and exit procedures, and expand visa-free access are contributing to the nation’s dual circulation development pattern. China’s inbound and outbound tourism is expected to play a crucial role in promoting the recovery of the international tourism industry.