According to data released by the Ministry of Culture and Tourism on the 27th, during the three days of the Dragon Boat Festival just over the country, 48.809 million domestic tourists were received nationwide, a year-on-year recovery of 50.9%; tourism revenue was 12.28 billion yuan, a year-on-year recovery of 31.2%. This is a microcosm of China's accelerated economic recovery. Although still facing great downward pressure, China's economic situation is gradually improving, and a new development pattern that takes the domestic major cycle as the main body and the mutual promotion of domestic and international dual cycles is taking shape.
Since the beginning of this year, the new coronary pneumonia epidemic has hit the Chinese consumer market. With major strategic achievements in epidemic prevention and control, the signs of recovery in the consumer market are increasingly obvious. For example, during the Dragon Boat Festival holiday, Shanghai Food and Restaurant's well-known “Xinghualou” should produce more than 3.8 million dumplings, double the output last year. Consumption data from online shopping platform JD.com and Pinduoduo show that the turnover of bulk fruits, beef and mutton during the Dragon Boat Festival increased by more than 150% year-on-year. In the two days before the holiday, China UnionPay's transaction amount reached 629.5 billion yuan, an increase of 2.3% compared with the two days before the May Day holiday, and an increase of 11.7% compared with the two days before the Qingming holiday. It can be seen that the short-term impact of the epidemic on consumption is weakening, and people's willingness to consume has steadily rebounded.
At the same time, the trend of China's consumption upgrade is continuing, with traditional consumption such as shopping and dining continuously improving, and emerging consumption such as tourism and culture constantly emerging. According to Chinese government data, during the Dragon Boat Festival, up to 92.4% of tourists experienced various cultural activities, of which the highest proportion visited historical and cultural blocks, reaching 44.7%. Obviously, the Chinese consumer demand is not only at the level of “feeding, clothing and clothing”, but is constantly striding towards a higher level of demand, and the potential of the Chinese consumer market is infinite.
The continuous release of this potential benefits from multiple factors. For example, during the Dragon Boat Festival, many places in China ensured effective prevention and control of the epidemic, and issued a series of measures to stimulate consumption by issuing consumer coupons. At the same time, many businesses have broadened their sales through live broadcasts, subsidies, and other means to achieve significant results.
Under the combined effect of multiple factors, a series of indicators of the Chinese economy, including consumer and retail indicators, are picking up. In the first five months of this year, the national online retail sales of physical commodities increased by 11.5% year-on-year; the total profits of industrial enterprises above designated size in China reached 582.34 billion yuan in May, which decreased from a year-on-year decrease of 4.3% in April to an increase of 6.0%; The chain ratio increased by 5.87%. At the same time, a series of leading indicators reflecting economic operation have also undergone positive changes. In May, China’s freight index fell from 1.2% in April to 0.8%, achieving the first positive growth this year, while China’s manufacturing purchasing managers index was 50.6%, which was in the expansion range of more than 50% for three consecutive months.
This series of economic indicators demonstrates the resilience, potential and broad prospects of the Chinese economy, and also strongly boosts confidence in the global market. According to the forecast of the International Monetary Fund, the global economy will shrink by 4.9% in 2020, a decrease of 1.9 percentage points from previous expectations, and China is the only major economy to maintain growth in 2020. Against this background, over-doing business with China has become an inevitable choice for companies around the world.
It is seen that at the 127th Canton Fair, which closed recently, overseas buyers from 217 countries and regions registered and negotiated. The source distribution of buyers reached a historical record, maintaining diversity and globalization. Volkswagen of Germany recently invested about 2 billion euros in Anhui for the development of automobile electrification. Nestlé recently invested 730 million yuan in Tianjin to build a new category production line. Rosted, chairman and chief executive officer of Nestlé Greater China, said, "We chose to increase investment at this time because we are very confident in the Chinese market and industry prospects." Kearney Management Consulting recently announced the 2020 Foreign Direct Investment (FDI) ) The confidence index report states that China remains the only emerging market country among the top ten FDI investment destinations in the world.
Why does the Chinese economy work? As many analysts have pointed out, in the face of the new coronary pneumonia epidemic that has not been encountered for a hundred years, the Chinese ruling party and government have always put people’s lives and health in the first place, scientifically coordinated the prevention and control of the epidemic and resumed work and production, and achieved major stage results. , Providing favorable conditions for China's economic recovery to accelerate.
At the same time, the fundamentals of China's long-term economic growth have not changed. The large market of 1.4 billion people and the continuously escalating consumer demand provide a strong support for the Chinese economy. The complete industrial chain, strong technical strength, and sufficient talents make the Chinese economy always competitive, and make the so-called "foreign enterprise withdrawal theory" a joke.
In addition, China's pace of opening up has never stopped. Recently, the Chinese government released the "Overall Plan for the Construction of Hainan Free Trade Port", and released the 2020 version of the negative list of foreign investment access and the negative list of foreign investment access in the free trade pilot zone. The entries have been reduced from 40 and 37 in 2019 to 33, respectively. And 30. These measures not only bring new development opportunities to the world, but also open up a larger space for China's own development, and promote high-quality economic development with high-level opening.
Of course, due to the difficulties and challenges brought about by the interweaving of structural, institutional, and cyclical issues, as well as the impact of the new coronary pneumonia epidemic on the global industrial chain supply chain, China's economic operation is still facing great pressure. Nevertheless, with favorable factors such as high potential, strong resilience, wide room for maneuver, and many policy tools, the Chinese economy will surely overcome temporary difficulties, consolidate the development trend that is stable and good, and long-term good. Inject development momentum into the world economy.
