Latest data, rapid travel sales show positive economic outlook

(ECNS) -- The latest data released by the National Bureau of Statistics of China about the first quarter proved a "sound start to the national economy for the year," with more "positive factors" accumulating.

A reported 5.3 percent year-on-year GDP growth and 1.6 percent growth in Q1, 2024 have caught attention. Growth in the second industry stands out from the level of the first industry 3.3 percent and the tertiary industry 5.0 percent, hitting 6.0 percent.

The disposable income per capita in Q1 reached 11,539 yuan (or $1615.5), an increase of 6.2 percent year-on-year.

Urban citizens reported an average disposable income of 15,150 yuan, representing a 5.3 percent growth, while rural residents saw their average disposable income rise to 6,596 yuan, showing a growth rate of 7.7 percent year-on-year.

Positive anticipation

Sound growth in the first quarter allows experts to take an even more positive attitude toward the Chinese economy for the rest of 2024.

Gu Fengda, chief analyst at Guosen Futures, concluded that China’s economic fundamentals and market confidence are recovering, and the real economy holds potential, momentum and resilience for development.

According to Jiang Xianwei, a global market strategist with J.P. Morgan Asset Management, from multiple aspects of macro statistics, China has reached and even surpassed the level before 2019, and people’s confidence is surging since 2023.

Jiang also noticed the increased passenger load factor on high-speed railways and airlines compared to 2023, anticipating that the upcoming May Day holiday and summer vacation would see further expansion of consumption.

Economic potential seen in ticket booking

The anticipated consumption expansion during these vacations is already perceivable, with tickets snapped up upon release.

Though China’s railway transportation network is efficient enough, with over 1 billion passengers safely carried to their destinations in Q1 this year, tickets for the five-day May Day holiday are still in high demand, reflecting strong potential for tourism and consumption.

Railway tickets for May 1 were available for sale earlier today. But they were out within seconds.

Flight ticket booking sees a boom. Economy class flight tickets to some hot tourist destinations in China for the May Day holiday have sold out, with only business class left. 

The three-day Qing Ming holiday earlier this month proved to be one of the “positive factors”, with a historical 53.95 billion yuan consumption made by Chinese tourists. The upcoming May Day holiday is expected to contribute even more to the economy, casting a positive outlook for the future.