(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.
1月钢铁市场震荡延续 钢企盈利面临收缩压力 证券时报记者 黄翔 2023年下半年以来，国内钢材市场开始呈现震荡上涨的行情。进入2024年，钢价能否延续这一趋势受到关注。 据了解，去年钢铁行业经历先抑后扬的走 下班后涌入医院做推拿；常年服用多种保健品；关注艾灸、刮痧、八段锦等调理攻略 “脆皮年轻人”花式养生，有人月均账单超千元 中医专家提醒，应审慎评价身体状况，切勿盲目跟风 本报记者 王羡茹 曲欣悦 阅读提 为降低新一轮低温雨雪冰冻天气对农业生产带来的影响，湖北省沙洋县农业农村局组织技术服务指导组深入田间地头，重点围绕蔬菜大棚、油菜等主打产业，开展防冻避灾、病虫防控等全程技术指导服务，最大限度减少 新华社记者周义在福建省莆田市，“无忧电工”培训班的出现，为当地残障人士拓宽了就业渠道。“兼职电工，我的月收入平均增加1000多元。”通过培训获得电工证的第二批“无忧电工”梁志忠说话间难掩喜悦之情 实习期“双向侵权”如何破解？ 劳动时间长，拿到的报酬却很微薄；实习岗位上受了伤，无法获得工伤赔偿……权益受侵害难维权，让职校生实习遭受到多方诟病。与此同时，用心培养后很难留住优秀实习生，付出的人力物力“竹 贵州毕节：蓄势赋能谋发展 高质量推进新型工业化 中新网贵州毕节2月22日电 题：贵州毕节：蓄势赋能谋发展 高质量推进新型工业化 作者 高大涛 陈曦 中国龙年春节假期，贵州省毕节市黔西市新仁乡化屋村游人如织。 。本文链接：Multiple indicators signal upward trend in Chinese economyhttp://www.sushuapos.com/show-5-11837-0.html
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