HONG KONG () -China recorded more than 653.7 million inter-regional passenger trips during the Dragon Boat Festival holiday, up 2.5% year-on-year, state media reported on Tuesday, with the indicator closely watched as a barometer of Chinese consumer confidence.
In the world’s number two economic powerhouses, consumption has taken a hit due to sluggish expansion and an extended real estate downturn. Additionally, the ongoing ambiguity caused by the U.S.-China trade dispute has further eroded consumer trust.
This year’s festival was held from May 31 to June 2 and is observed nationwide through traditional dragon boat competitions, with numerous individuals using the occasion for a brief getaway.
During the three-day holiday, road travel increased by 2.4% compared to the previous year, with 597.3 million journeys documented, as reported by the state news agency Xinhua quoting the transportation ministry. Additionally, both railway and air travel experienced significant increases in passenger numbers.
Border crossings increased by 2.7%, totaling 5.9 million, and included 231,000 visa-exempt foreign nationals who entered the nation over the holidays.
China has broadened its visa policies; residents from 43 nations can now enter without a visa, and travelers from 54 countries have the option of visa-exempt transit lasting up to 240 hours in China.
The festive period also saw increased expenditure on entertainment, driving the cumulative box office receipts to 460 million yuan ($63.9 million). This figure exceeded last year’s tally of 384 million yuan, as reported by the online ticketing service Maoyan.
Tom Cruise’s newest film, “Mission: Impossible – The Final Reckoning,” led box office rankings and raked in 228 million yuan, accounting for half of the total earnings over the holidays. This performance is viewed as a promising sign for the coming summer season.
($1 = 7.1977 yuan)
(Reported by Farah Master from Hong Kong, Casey Hall and Sophie Yu from Shanghai, and Shi Bu from Beijing; Edited by Christian Schmollinger and Rachna Uppal)
Leave a Reply