China ramps up supply, encourages spending for Spring Festival holidays

China is gearing up for the approaching Spring Festival holidays with an emphasis on ensuring abundant supply and boosting consumption. The Ministry of Commerce (MOFCOM) on Tuesday announced an ample supply of essentials and a series of measures to encourage holiday spending.

The ministry's monitoring has shown a stable and orderly consumer market, with a significant inventory increase of 10-30 percent in essential goods like grains, oils, meat, eggs, dairy food, fruits and vegetables across major agricultural wholesale markets and e-commerce platforms.

Major e-commerce platforms will continue to offer delivery services throughout the festival, the MOFCOM said during a press conference.

According to the MOFCOM, food prices have remained stable nationwide, with minor fluctuations in pork and egg prices, while vegetable prices have seen seasonal increases.

While striving to stabilize food prices, the MOFCOM initiated several sales promotion events to further stimulate spending, including a month-long online sales festival, which began on January 18, as well as consumption promotions across the country.

Sales have surged as the Spring Festival holidays approach, with shopping malls, supermarkets and online platforms experiencing peaks. In late January, major retail enterprises saw a month-on-month sales increase of 19.9 percent, and e-commerce platforms reported a year-on-year sales rise of 20 percent, according to the MOFCOM.

Apart from sales of consumer goods, the Ministry of Culture and Tourism has rolled out a series of cultural and tourism activities to boost holiday spending, including the distribution of more than 600 million yuan ($83 million) in subsidies for cultural and leisure activities.

Meanwhile, the General Administration of Sport of China and the Ministry of Culture and Tourism on Tuesday announced 12 special tourism routes as part of efforts to integrate sports and tourism, with four ice and snow tourism routes. These initiatives are expected to drive the recovery and growth of the tourism economy and consumption.

Tourism is expected to be a highlight of the Lunar New Year consumption, with domestic and international travel anticipated to see significant growth, Jiang Yiyi, deputy head of the School of Leisure Sports and Tourism at Beijing Sport University, told the Global Times on Tuesday.

"For most Chinese people, Lunar New Year is a time for family reunions and travel. Experiencing local culture while enjoying the festive atmosphere of the Spring Festival is particularly appealing to tourists," Jiang said.

All the events during the Spring Festival holidays will further promote the recovery and development of the tourism economy, which is expected to witness strong growth in 2024, Jiang stated.