“China’s Economy Gains Steam in First Quarter of 2024: Numbers Talk About Growth”
The latest data from the National Development and Reform Commission reveals a positive outlook for China’s economy in the first quarter of 2024. The three major power source regions of Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area experienced rapid economic growth. Additionally, industries in central and western regions advanced their transformation and major projects in the Northeast region saw accelerated implementation. Fixed asset investment increased by 9.6%, outpacing the national average growth rate.
Furthermore, employment income saw improvement with 3.03 million new jobs created in cities and towns, marking an increase of 60,000 people year-on-year. The National Development and Reform Commission is focused on system improvements and standard guidelines for building a unified national market, while also removing obstacles and promoting the optimization and upgrading of the new energy vehicle industry.
In addition, the Ministry of Commerce reported a 14.7% year-on-year increase in total service import and export volume in the first quarter of 2024. Travel services saw a significant boost, while knowledge-intensive services also experienced growth. The Ministry of Industry and Information Technology noted a 11.9% increase in business revenue for the software and information technology service industry.
As the “May Day” holiday approached, the cultural tourism market in China witnessed a surge in demand. Domestic travel bookings exceeded expectations, with popular destinations like Chongqing and Hangzhou seeing heightened interest. The Ministry of Transport forecasts over 270 million people moving across regions daily during the holiday. Tourism demand is shifting towards cost-effectiveness and leisure, with a focus on unique experiences like “taste bud tours” and “travel photography tours.”
The convergence of cultural consumption and tourism demand is evident, with tourists seeking immersive experiences at scenic spots and historical sites. This trend is expected to bolster the quality and expansion of the service industry, driving economic growth and enhancing consumer experiences in China.