Editorial
A spending festival
Editorial  ·  2023-02-03  ·   Source: NO.5-6 FEBRUARY 9, 2023

China's outbound flight bookings more than quadrupled year on year during this year's Spring Festival holiday in late January, with combined bookings of all outbound travel products, including flights, accommodation and activities, showing an even greater upswing, increasing 640 percent from a year ago. Destination countries are welcoming the influx of Chinese tourists as the global tourism industry continues its recovery.

During the holiday, popular imported goods, including wine from France, almonds from the United States, cherries from Chile and steaks from Brazil, all saw an uptick in sales. Cross-border e-commerce platforms offered special promotions to satisfy the demand of Chinese consumers, benefiting overseas businesses.

Three years after the emergence of COVID-19, the world saw a China full of vitality during this year's Spring Festival period, January 21-27. The holiday was not only a powerful engine driving consumption, but also a window through which to observe the Chinese economy.

The fast-growing outbound travel and domestic consumption illustrate the growing momentum of economic recovery and demonstrate how much a strong Chinese economy means to the world. The Chinese market has been a powerhouse of global growth for decades, and in the post-pandemic era, China's contributions will be even more significant as all countries strive to revive their economies.

This is also indicative of renewed confidence in China's development. The income of Chinese residents continues to grow, the number of upper-middle and high-income families has been expanding, and Chinese people are enthusiastically pursuing increased quality of life. The Chinese Government takes expanding domestic demand as a major driver for economic growth as it advances the nation's industrialization and urbanization. All these factors make China a huge market with great potential. 

Strong sales of international products also demonstrate the importance of globalization, which is reflected in the global flow of goods and services. China is committed to defending and practicing economic globalization. Through its commitment to trade and investment facilitation, China is still playing a leading role in maintaining the stability of global industrial and supply chains. 

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