Source: Bloomberg
Although there are signs that consumption has stabilized after the Chinese government recently launched a series of stimulus measures, during the National Day holiday at the end of the National Day holiday on Monday, a single travel for Chinese tourists was lower than the crown disease epidemic.
According to the data released by the Ministry of Culture and Tourism, 7 days of National Day holidays, the number of domestic tourists across the country increased by 10.2%compared with the same period in 2019, but the total cost was only 7.9%compared with the same period in 2019.According to the calculation of the data published by Bloomberg in the Ministry of Culture and Tourism, this means that the cost of a single travel decreased by 2.1%from five years ago.
However, the average cost of a single travel day spent about 131 yuan (US $ 18.6), which was higher than the 113 yuan during the five -day holiday period in May in May.
This is the first epitome of how the Chinese government's measures announced before the holiday. The sporadic efforts of the previous months have not been able to curb the economic slowdown.Although some people worry that the Chinese government needs more measures to ensure that the demand continues to recover, the stimulus plan still promotes China's stocks to lead the global rise.
"The stock market rising and the new plan for old replacement may help support consumers' confidence, but whether this situation can continue to be observed," said Michelle Lam, an economist in the Greater China Economist in France."In the end, the labor market recovers and the housing prices are stable."
The policies released by the Chinese government at the end of September include interest rate cuts, rare cash issuance, and measures to support real estate and stock markets.Essence
Officials of the National Development and Reform Commission of China promised to accelerate infrastructure expenditures on Tuesday, but did not announce new powerful stimulus measures, which made those investors who expect the government to provide more motivation for the stock market to be disappointed.
LAM said that the expected expectations before the press conference of the Development and Reform Commission were too high, because fiscal stimuli did not belong to the scope of power of the Development and Reform Commission.She said, "the decision makers want to see a sustainable bull market instead of the repeat scene in 2015," and "and urged investors to maintain" patience ".
The official media Xinhua News Agency quoted data newspapers from the State Administration of Taxation on Tuesday that comprehensive retail sales revenue during the National Day holiday increased by 9%compared with the same period of 2023, which is another preliminary signs of consumer confidence.
Xinhua News Agency quoted data from the Ministry of Transport in another report that the flow volume of cross -regional personnel across the society during the long holiday increased by 3.9%year -on -year.
Pantheon MacroConomics chief Chinese economist Duncan Wrigley said the key to boosting confidence is fiscal policy support.
He said that after the epidemic, "the model since the opening of the epidemic is that the consumption is strong during the holidays, and then it has faded. As the policy tone changes, this time may be different, but the premise isStill fragile confidence recovers. "
