(ECNS) -- The bustling Qingming holiday, resurgence in the manufacturing Purchasing Managers' Index (PMI), along with record-high imports and exports in the first two months, underscore the vitality of China's consumption, production, and foreign trade, signaling an upward trajectory of its economy.
Surging tourist numbers and soaring spending
During the three-day Qingming Festival holiday, the number of travelers surged, coupled with escalated spending.
Passengers walk out of Beijing South Railway Station, April 6, 2024. (Photo: China News Service/Jia Tianyong)
Domestic tourism during the holiday reached 119 million trips, an 11.5 percent increase compared to the same period in 2019, with domestic tourists spending 53.95 billion yuan ($7.46 billion) in total, up by 12.7 percent, according to data from the Chinese Ministry of Culture and Tourism.
Travel portal Trip.com Group said that over the holiday, bookings for short-distance tours to destinations within cities customers live in grew 211 percent year-on-year, while bookings to neighboring destinations located outside the cities they live in skyrocketed 350 percent year-on-year.
Zhou Maohua, macro researcher at the Financial Market Department of Everbright Bank, suggested that China's proactive policies to boost employment and income will bolster domestic consumption capacity and willingness.
Three PMI numbers rebound above boom-bust line
In March, China's three PMIs experienced a significant rebound above 50, surpassing the boom-bust line. According to the National Bureau of Statistics, the manufacturing PMI surged to 50.8 from 49.1 in February as manufacturers accelerated production after the Spring Festival holiday.
China's non-manufacturing PMI also rose, coming in at 53 in March versus February's 51.4.
The country's composite PMI, which includes both manufacturing and non-manufacturing activities, climbed to 52.7 in March from 50.9 in February.
The National Bureau of Statistics attributed this to "accelerated production and business activities, leading to a rebound in China's economic prosperity."
Wen Tao, an expert at the China Logistics Information Center, views the manufacturing PMI's return to expansion as a notable economic improvement.
An article on Singapore's Lianhe Zaobao cited experts saying that the PMI's return above 50 signifies that China had found new growth engines and was no longer solely reliant on real estate to drive expansion.
With China's productivity growing, enterprise profits also improved.
From January to February, total profits of industrial enterprises above the designated size stood at 914.06 billion yuan, a year-on-year increase of 10.2 percent, representing continuous growth since last August, according to the latest data released by the National Bureau of Statistics (NBS).
Imports and exports reach a historic high
In addition to PMI numbers, China's imports and exports also showed positive signs of economic rebound.
Trade in the first two months of this year amounted to 66 trillion yuan, marking a new historical peak.
The General Administration of Customs noted that this roughly matches China's entire annual foreign trade value 20 years ago.
Wen Bin, chief economist at China Minsheng Bank, anticipates a stronger-than-expected economic recovery, with the first quarter economic growth rate projected to reach approximately 5.0 percent, laying a solid foundation for annual targets.
傅园慧称在长白山包车被勒索 当地交通部门：正按流程处理 中新网北京2月17日电(记者 刘星晨)17日，游泳世界冠军傅园慧通过社交平台发布求助帖称，她在吉林长白山包车出行时遭遇勒索，询问网友是否需要报警。 图片 中国考古，在许多外国人甚至中国人看来，一度非常神秘。近日记者在与中国考古学家的交流中了解到，从考古技术发展、到公众考古创新，再到中外考古交流，中国正不断构建具有中国特色、中国风格、中国气派的考古 中国发展网讯 据中国野生动物保护协会微信公众号消息，为持续推进大熊猫保护事业，中国野生动物保护协会已分别与西班牙马德里动物园和美国圣迭戈动物园就新一轮大熊猫国际保护合作事宜达成一致并签署协 广西南宁新能源全产业链加快成型 中新网南宁2月22日电 (黄令妍 韦雅丹)广西南宁市工信局党组书记、局长卢晴22日介绍，当地新能源全产业链加快成型，比亚迪、多氟多等一批重大项目投产，龙电华鑫、宸宇富基等项目落 中新经纬2月22日电 据高检网22日消息，近日，中国铁路青藏集团有限公司原党委委员、职工董事、副总经理、工会主席贾军(副厅级)涉嫌受贿罪、行贿罪一案，经最高人民检察院指定管辖，由甘肃省庆阳市人民检察院依法向甘肃省 中国一汽审计与法务部总经理闫锋接受纪律审查和监察调查 中新网2月22日电 据中央纪委国家监委网站，据中国一汽纪委、吉林省纪委监委消息：中国一汽审计与法务部总经理闫锋涉嫌严重违纪违法，目前正接受中国一汽纪委 。本文链接：Multiple indicators signal upward trend in Chinese economyhttp://www.sushuapos.com/show-5-11837-0.html
声明：本网站为非营利性网站，本网页内容由互联网博主自发贡献，不代表本站观点，本站不承担任何法律责任。天上不会到馅饼，请大家谨防诈骗！若有侵权等问题请及时与本网联系，我们将在第一时间删除处理。