(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 中新经纬1月11日电 “上海市场监管”微信号11日消息，宜家召回3008件USB充电器。 上海市市场监管局称，宜家(中国)投资有限公司自2024年1月10日至2024年4月9日召回2020年4月至2023年12月生产的宜家牌ASKSTORM 奥斯 多地多部门走访逾80家深市公司 集中“会诊”破解发展难题 本报记者 田 鹏 在部署走访上市公司工作、推动上市公司高质量发展全国视频会议1月29日召开后，多地紧锣密鼓组织专班调研走访上市公司，深交所作为证券 越来越多国人选择旅游过春节 “南北互换过年”备受欢迎 证券时报记者 周春媚 甲辰龙年为期8天的春节长假，成为了近年来最为火爆的春节旅游假期。 各地景区张灯结彩、人山人海，迎来客流高峰。迎春灯会、 西安青岛居民3月6日起可办理往来港澳“个人旅游签注” 中新网2月23日电 据中华人民共和国出入境管理局网站消息，近日，国务院批准增加陕西省西安市、山东省青岛市为内地赴港澳“个人游”城市。中华人民共和国出入 海洋馆潜水员溺亡 游客：以为是假人 近日，有网友在社交平台发帖称，在春节假日期间，郑州海昌海洋馆的一名潜水员在企鹅池进行作业时溺亡。2月21日下午，郑州海昌海洋馆的工作人员向扬子晚报紫牛新闻记者证实了此事，并表 。本文链接：Multiple indicators signal upward trend in Chinese economyhttp://www.sushuapos.com/show-5-11837-0.html
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