China’s Golden Week Data point to a slowdown

China’s Golden Week Data point to a slowdown

As per Chinese government’s data the fast growing tourism sector of the country took a break during one week holiday. The vacation period was from October 1 to 7, and it is also stated as Golden Week and considered as mandatory holiday. Present years’ National Day celebration holds significance as it was celebrated as Communist Party’s 70th anniversary.

During the holiday week different tourist sites in China received a total of 782 million visits which were 7% higher in comparison to last year’s number. Nonetheless, it is still considered as decline as the growth rate during 2017 and 2018 were 10% and 9% respectively.

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Sales of retail, beverage and food sector witnessed a rise of 8.5% during the present holiday week and generated total revenue of $212.7 billion. On Wednesday, Ting Lu stated that the data of Golden Week points towards slowdown. At present authorities of China are planning to increase domestic consumption so that they can support the economic growth of the country. After great government meet during March government officials made an announcement that holiday of Labor Day will get extended to two days.

At Lunar New Year which takes place during the month of February, there was a slow growth in tourism sector. Furthermore, government officials do not have correct numbers for foreign travel for the week since they were not sure about actual rate change.

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Back in 2018, near about millions of Chinese nationals went abroad during their holidays at present the foreign trip is at a decline of 10%.For National Day of 2018, it is estimated that less than 7 million nationalities went overseas whereas during present year the number might get higher than 7 million. Moreover, Administration of National Immigration stated that the entries as well as exits from mainland China dropped by 15.1% during week long holidays.