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China Racks up $2.7 Billion in Holiday Tourism Turnover
China racked up 22 billion yuan ($2.66 billion) in tourist earnings as millions took to the roads, rails and runways during week-long National Day holidays.
At least 55 million Chinese rose to their patriotic duty and spent more money to boost the "holiday economy", according to figures from the China National Tourism Administration (CNTA).
To help China break a seven-year streak of slowing economic growth, policymakers granted a week-long break for the October 1 National Day -- the third such extended holiday this year following the Lunar New Year in February and Labour Day in May.
"The holiday economy's boost to demand and consumption stimulus was felt fully in the sectors of travel, hotels, restaurants, retailing and entertainment," the People's Daily said as China officially returned to work on Sunday.
The newspaper cited September 28-October holiday sales data showing retail sales at leading Shanghai outlets rose 16.3 percent year-on-year. Tianjin retailers saw annualised sales rise 20 percent, while those in Guanghou posted 8.6 percent growth.
The 55 million National Day travellers eclipsed the tourist traffic for Labour Day by 10 million, the China Daily said.
In Beijing, despite several days of drizzle and dense smog, visitors from the provinces packed Tiananmen Square and other tourist spots in the capital.
Train and plane tickets to major tourist destinations had mostly sold out and accommodation was scarce, state media said.
Shoppers jammed department stores and shops, lured by discounts, two-for-one offers, gift certificates and free samples laid on to make reluctant spenders dig deeper into their pockets.
On Beijing's major shopping street, Wangfujing, discounts and loudspeakers drew would-be customers into stores decorated with red lanterns for the holiday, which marked the founding of the People's Republic of China in 1949.
Economists say government moves have helped spur spending, but domestic consumption remains weak on fears government reforms will cost jobs and cut into social security benefits.
China's retail sales rose 9.9 percent year-on-year in the first eight months to 2.15 trillion yuan ($260 billion), far below the 20-30 percent growth rates in the mid-1990s.
Beijing hopes emerging consumption will power the economy in the second half as exports slow, helping gross domestic product growth to exceed last year's annual rise of 7.1 percent. (Source: chinadaily.com.cn)
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