An exhibition area for advanced manufacturing will be added to the second China International Supply Chain Expo (CISCE), aiming to boost new quality productive forces. So far, more than 160 enterprises from home and abroad have confirmed their participation in the expo, the Global Times learned on Friday.

The second CISCE is scheduled to be held from November 26 to 30 in Beijing, and preparatory work is already in full swing, said Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), which is the organizer of the expo, on Friday evening at an event named "Networking Reception of the Second CISCE."

"After research, we decided to add an exhibition area for the advanced manufacturing chain. This is an important innovation of the second CISCE," Ren said.

In 2023, the first CISCE showcased five major supply chains: the intelligent vehicle chain, the green agriculture chain, the cleaner energy chain, the digital technology chain, and the healthy life chain.

According to Ren, the newly added advanced manufacturing chain exhibition area will focus on new quality productive forces and display the whole industrial chain in an all-round and multi-angle way, from front-end research and development (R&D), application of new materials and processing of key parts to intelligent manufacturing. Products such as industrial automation, robots, advanced equipment, high-end equipment and construction machinery will be displayed.

Participants at the Friday event said that the industrial chain and supply chain are the "blood vessel system" of economic development. Consolidating and strengthening global industrial chain and supply chain cooperation is in the interests of all parties, the Global Times learned.

Through exchanges by the upper, middle and lower reaches of the supply chain, and the integration of large, small and medium-sized enterprises, the CISCE can help enterprises find supply chain partners globally, and also help them to apply the latest scientific research achievements to all links of the industrial chain, Director General of CCPIT Academy Zhao Ping told the Global Times on Friday on the sidelines of the event.

"Therefore, all links of the supply chain - from R&D, production, distribution and logistics to consumption - can complement each other, and promote the high-quality development of the manufacturing industry," said Zhao.

The security, stability and smooth cooperation of the global supply chain is indeed the concern of the business communities of all countries, Lin Shunjie, chairman of the China International Exhibition Center Group, the co-organizer of the CISCE, told the Global Times on Friday.

"The supply chain expo, the first of its kind in the world, aims to provide cooperation opportunities between global enterprises and help enterprises develop partners alongside the supply chain," said Lin.

Many multinationals that did not attend the first CISCE expressed their willingness to attend the second edition this year. Some previous participants have asked to increase their exhibition area, Lin said.

"Apart from enterprises from the US and European countries, companies from Latin America, Japan and Southeast Asia are contacting us, hoping to attend the second CISCE," Lin noted, adding that last year during the first expo, US enterprises took up 45 percent of the exhibition area for overseas enterprises.

Ren also mentioned that executives of the world's top 500 companies such as Budweiser, Novo Nordisk, Procter & Gamble, HSBC and CMA CGM have expressed their desire to participate in the second CISCE.

But Lin also noted that since the exhibition area is limited, they will be strict in choosing participants. "We just started building a new convention complex to accommodate more enterprises," Lin added.

The first CISCE concluded in December 2023 with about 200 business deals and cooperation agreements signed, worth more than 150 billion yuan ($21 billion), the Global Times learned from CCPIT.

The first expo attracted 515 domestic and foreign exhibitors. Approximately 26 percent of the exhibitors were from overseas, representing 55 countries and regions. US and European firms accounted for 36 percent of overseas exhibitors.

China remains the largest contributor to the World Intellectual Property Organization's (WIPO) patent cooperation treaty (PCT) system for international patents registration, with Huawei Technologies registering 6,494 published PCT applications in 2023, according to the official WeChat account of the United Nations on Wednesday.

The latest data from the WIPO showed the number of international patent applications by Chinese innovators through the PCT system has ranked first in the world, as overall international registrations of IP via WIPO softened slightly, and China and the US remained as the world's top users of WIPO's patent system in 2023.

In 2023, there were a total of 69,610 PCT filings from China, among the total number of 272,600 globally, accounting for about 25 percent, WIPO said. Though a small decrease of 0.6 percent from the previous year, China continued to be the top origin of PCT applications. The US came in second with 55,678 applications, representing a 5.3 percent drop year-on-year.

Innovation activity keeps expanding despite rising interest rates and economic uncertainty, the WIPO said on March 7, and filings through WIPO's PCT system dropped 1.8 percent, marking a first decline in 14 years.

"Applications in the international trademark system fell 7 percent while use of the international design system bucked the trends to grow by 1 percent with expanded activity by China," it said.

"Higher interest rates and economic uncertainties cast a shadow on innovation activity in 2023. But declining inflation rates forecast for 2024 and hotspots like India, Southeast Asia and beyond may provide more business confidence and innovation investments, setting the stage for a recovery in international IP fillings later this year," said WIPO Director General Daren Tang.

The world's innovation hub is shifting eastward as well. Countries in Asia represented 55.7 percent of international patent applications via WIPO last year, up from 40.5 percent one decade ago, the official noted.

Apart from the WIPO's PCT, China also holds leading positions in the Madrid and Hague systems for international IP registrations. By the end of 2023, China had set a new global benchmark with 4.99 million valid invention patents, including 4.01 million domestic patents, making it the first country to surpass 4 million valid domestic invention patents, according to China National Intellectual Property Administration.

China attaches great importance to international patent cooperation and intellectual property protection. Foreign Ministry spokesperson Wang Wenbin said at a press briefing in January that in the 30 years since joining the PCT, China has actively participated in the revision and improvement of international rules such as those of the PCT and continuously improved the domestic IP legal system, while carrying out fruitful cooperation with the WIPO.

"IP is an important source of support for innovative development. With the support of patented technology, China has continuously improved its IP quality and efficiency to accelerate innovation," Wang noted.

The work report of the Standing Committee of the 14th National People's Congress (NPC), China's top legislature, on Friday pledged to accelerate the formation of a law aimed at promoting the development of the private sector, sending a strong, fresh signal on policymakers' commitment to making continuous improvements in the business environment and boosting the high-quality development of the private sector for Chinese modernization.

Deputies and entrepreneurs said the legislative work will better build a fair, law-based and orderly business environment, resolve the challenges faced by private enterprises, and spark their endogenous motivating power and vitality for the accelerated development of new quality productive forces.

While the law is an implementation of the Communist Party of China (CPC) Central Committee's commitment to unswervingly encouraging, supporting and guiding the development of the non-public sector of the economy, the Party's clear and vigorous support for the private sector is also a strong rebuttal to some Western media outlets' claims that China is squeezing the private economy.

"Work must be done to support the growth of the private sector and private enterprises and spur the intrinsic impetus and innovative vigor of various business entities," Chinese President Xi Jinping said on Tuesday when he participated in a deliberation with fellow lawmakers from East China's Jiangsu Province during the second session of the 14th NPC, the Xinhua News Agency reported.

It is necessary to accelerate the improvement of underlying institutions in areas such as property rights protection, market access, fair competition and social credit to build a high-standard socialist market economy system, he said.

Meanwhile, this year's Government Work Report again stressed that state-owned enterprises, private businesses, and foreign-funded companies all play an important role in China's modernization drive. "We will strive to create a sound environment in which enterprises under all forms of ownership can compete and grow on a level playing field," it noted. 

Enhanced confidence
The encouraging words from this year's two sessions for the country's private businesses have reverberated through the vast private sector, with many companies and entrepreneurs vowing to strive to achieve tech innovations and sound development to serve the country's goal of high-quality development.

"The law is important for the development of the private sector, as it will inject confidence into and boost the regulation and protection of private enterprises," Wang Yu, chairman and president of Spring Airlines and a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), told the Global Times on Friday.

The law should ensure equal treatment of private and state-owned enterprises and fair competition in terms of market entry, distribution of resources and fund-raising so as to stimulate the vitality of various market entities for their healthy development, he said.

"The Government Work Report has attached great importance to private tech firms, and mentioned it will reinforce the principal role of enterprises in scientific and technological innovation. This made me deeply feel the nation's support for private enterprises' development," Zhou Hongyi, founder and chairman of 360 Security Technology and a member of the National Committee of the CPPCC, told the Global Times. 

We private tech companies will live up to the mission by leading tech innovation such as artificial intelligence, in order to become a major force in developing new quality productive forces and inject more impetus into our country's high-quality economic development, Zhou said.

Liu Yonghao, a member of the National Committee of the CPPCC and chairman of New Hope Group, said he has noticed related government agencies' efforts to help private businesses, noting that the upcoming law will play an active role in boosting private enterprises' high-quality development.

Chinese private businesses have continually made progress in recent years, while also making many contributions to the country's development. For example, a batch of international leaders have emerged in China in sectors such as new-energy vehicles, helping the made-in-China brands go global, Liu told the Global Times.

Economic experts and the media frequently use a combination of the numbers 50, 60, 70 and 80 to describe the private sector's contributions to the Chinese economy. The private sector contributes more than 50 percent of the country's tax revenue, over 60 percent of its GDP, more than 70 percent of its technological innovation, and provides over 80 percent of its urban employment, official data showed.

Amid factors including a sluggish global economy and an increasingly complex external environment, Chinese private enterprises now face some challenges. The revival of private companies and the improvement of private entrepreneurs' sentiment are crucial for China's high-quality development, as the private sector has been a key pillar sustaining China's economic expansion and is expected to be a pioneer of innovative development, analysts said.

Unswerving support

China has long attached great importance to the private sector, encouraging it to play a bigger role in stabilizing growth and promoting structural adjustments and innovation.

Over the past year, the authorities introduced an array of targeted policies to shore up the growth of the private sector. In July 2023, the Communist Party of China Central Committee and the State Council jointly issued guidelines on boosting the growth of the private sector, promising to improve its business environment, enhance policy support, and strengthen legal guarantees for its development.

In September, the authorities set up a bureau under the National Development and Reform Commission to ensure policy coordination and implementation to create a better environment and ramp up support for the growth of the private sector.

China should lift some institutional obstacles to further optimize the investment environment for the country's private sector in order to stimulate the market vitality for investment, while ensuring domestic firms feel safe investing funds, Yin Yanlin, deputy director of the General Office of the Central Financial and Economic Affairs Commission and a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, told the Global Times.

Yin suggested expanding investment space for private enterprises by effectively breaking down the invisible barriers that hinder investment entry. As examples, he cited leaving public welfare projects with certain revenue to the private business market, and expanding the range of trial for real estate investment trusts (REITs) to private-owned companies, hotel and tourism projects.

"2024 is an important year to transform. It provides an important opportunity for Chinese companies to push the transformation," Denis Depoux, Global Managing Director at Roland Berger, told the Global Times, urging companies to take action.

There are three key drivers of China's future development, namely industrial modernization, energy transition and decarbonization, and transformation of domestic consumption. All three levers are highly transformational and will require a combination of investment, technology, knowledge and know how, Depoux said.

Many companies will start to review, decide and formulate new strategies, as the 15th Five-Year Plan will steer the overall direction for coming years. Companies need to bravely step out of the "wait-and-see" approach, face the changes and start to take concrete actions to implement the transformation to prepare themselves to better fit into the future and support the economy, he said.

It is normal to see people come and go, yet Hong Kong never lost its sheen to international talents, nor is the city’s global role dwindling, said deputies to the 14th National People's Congress (NPC), China's national legislature, refuting foreign media’s hype that “brain drain” is threatening the city’s status as an international financial hub.

Hong Kong's economy is still very popular internationally, with over 9,000 companies operating in the city. However, in terms of talent, mobility is quite common. Many foreign talents come to Hong Kong, as well as talented people from Chinese mainland, Ken Wong Kam-leung, a deputy to the National People's Congress and chairman of the Hong Kong Federation of Education Workers, told the Global Times on Wednesday.

His comment aim to refute the hype from some Western media, such as Bloomberg, which claimed that Hong Kong is suffering from brain drain, which is threatening its status as an international financial hub. 
https://www.bloomberg.com/news/articles/2023-04-08/china-applicants-make-up-95-of-hong-kong-talent-visa-approvals?sref=CtPNqsCb 

Some foreign media outlets also reported that talented people are hesitant to work and live in Hong Kong, and claimed there could be an exodus of talented people from the city.

“We have always had people coming in and going out, and we are delighted to see that our talent program is very popular,” Starry Lee Wai-king, a Hong Kong member of the Standing Committee of the National People’s Congress, told the Global Times. She believes that Hong Kong will continue to launch different programs to attract different talents, to contribute to the development of the city, as well as the country. 

Wang Wenbin, the Foreign Ministry spokesperson, also slammed such reports in January. According to official statistics, from mid-2022 to mid-2023, the net population inflow into Hong Kong was 174,000, debunking the claim of the so-called "talent exodus," Wang said.

From January to November 2023, the HKSAR government received more than 200,000 applications through various talent attraction programs, of which over 120,000 have been approved, exceeding the 80,000 people who quit jobs during the period – with the difference being bigger than the city's annual plan of attracting at least 35,000 skilled workers.

The deputies also highlighted the importance of exchange between people in Hong Kong and the mainland. Lee said she is thrilled to see the frenzy of Hong Kong residents "tripping north" to Shenzhen.

According to the latest data from the Hong Kong SAR Immigration Department issued in January, as of December 30, 2023, there were 53.34 million trips made by Hong Kong residents "heading north" throughout the year, with over 40 million departing through the Shenzhen-Hong Kong port.

Hong Kong media reports said that unlike before 2019, Shenzhen has now taken the lead in this cross-border city pair, as the consumption pattern of Hongkongers in Shenzhen gradually shifted from leisurely spending to everyday purchase, from dining and entertainment to medical check-ups, grocery shopping and even real estate purchases.

Now is the best time to promote patriotic education to people in Hong Kong, because whether it is traveling, shopping, or working in the mainland, representatives of Hong Kong people are very fond of exploring and understanding the real situation in the mainland, said Lee. 

She believes it’s also important to roll out preferential policies, such as optimizing visa application, to attract people from the mainland to visit Hong Kong. 

After COVID, the Hong Kong government has been working hard to catch up. Now there are many grand events and activities being organized to boost tourism, said Lee, noting that the city still needs to provide more new experiences, innovative products and possibly better services in order to attract more tourists.

The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, kicked off its second session on Monday, marking the start of the annual two sessions. The second session of the 14th National People's Congress (NPC), the country's top legislature, is set to open on Tuesday.

This year's political gatherings carry extra weight for the Chinese economy, as 2024 will be a crucial year for the realization of the goals and tasks of the 14th Five-Year Plan (2021-25), and the new government is set to submit its Government Work Report to the NPC annual session for deliberation for the first time.

The session usually reviews past achievements and sets development targets for the current year and beyond.

At a time when mainstream Western media outlets are flooded with reports of China grappling with various difficulties - deflation, a property crisis, mounting debt burdens and a foreign capital exodus - the two sessions will serve as a crucial window for the world to observe the country's economic development and understand its policy direction for the year ahead, which Western media outlets said investors are watching closely for signals of a "bazooka-like stimulus." 

It's not unusual to see Western media outlets run bearish reports badmouthing the Chinese economy around the major political event every year. For instance, a report published by the Financial Times on February 27, 2023, was headlined "The implications of China's mid-income trap," while CNN ran an article entitled "China's economy had a surprisingly good start to the year, but it may not last" in March 2022.

Yet, China still accomplished its 2023 GDP growth target despite downward pressure and challenges, and the underlying trends of a rebound in the economy and long-term growth remain unchanged. Such economic fundamentals further prove that the ill-intentioned "China collapse" theory cannot withstand the test of time.

Why have Western predictions about a hard landing for the Chinese economy never come true? The key lies in the inability to understand that China's economic development has its own rhythm and policy direction, which will not be influenced by Western hype. The reason why the two sessions are of great importance to China's economy is not only because of the GDP target issued during the meetings, but also because of the policy direction set for achieving stable economic development in the year ahead.

There is no denying that China's GDP target has been the focus of world attention, which is not surprising given its huge economic size and important implications for the global economy. The Chinese government has always stressed the importance of the quality of economic development, rather than just the growth rate, but GDP, as a major measure of a country's economic strength, is still one of the most important economic metrics in China. 

It is true that China's economic growth has slowed in recent years amid unprecedented and complicated domestic and external market challenges. This is mainly because the economy is undergoing a period of adjustment and transformation. Despite the difficulties and downward pressure, China is still on a solid footing and its GDP growth rate remains relatively fast among the world's major economies. 

If anything, China's consistent economic performance over the years is the best proof that it has the ability to transform its economy while maintaining growth momentum.

During China's two sessions, much attention is often paid to the country's GDP growth target. However, it is crucial to look beyond mere numbers and understand the implications of new policies and measures to be implemented by the Chinese government to address economic challenges. Because the policy direction not only promises positive influence on China's economic prospects, but also presents opportunities in the country's future development.

The Chinese economy is resilient, has huge potential and vitality and its growth momentum will continue to strengthen and lead to a bright future, according to a spokesperson for the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Economic issues have been a focal point for political advisors ahead of the gathering, and it is the opinion of all political advisors that in 2023 the Chinese economy withstood the external pressure and overcome internal difficulties, and the economy has been on a general recovery track, according to Liu Jieyi, spokesperson for the second session of the 14th CPPCC National Committee.

There is a good foundation and favorable conditions for promoting high-quality development and the long-term positive economic trend will continue to be consolidated and strengthened, Liu said, responding to a question about the current status of the Chinese economy.

Solid progress has been made in achieving major social and economic growth targets, high-quality development and Chinese way of modernization in 2023, Liu said.

The CPPCC held quarterly seminars on the country's macroeconomic situation and in-depth consultations on the stable operation of the overall economy, with topics ranging from fiscal, monetary, employment and headline economic policies, and provide suggestions and strategies to stabilize market expectations and boost investor confidence, according to Liu.

Biweekly consultations meetings were held on fostering the high-quality development across the financial sector and promote the stable and sound development of the property sector and field trips were made to promote the high-quality development of the private economy, strengthen the digital transformation of small and medium-sized enterprises, and improve the resilience and safety level of the industrial and supply chains.

The CPPCC also arranged study trips to small and medium-sized banks to help tackle the risks of smaller financial institutions and provide advice on implementing the task mapped by during the Central Economic Work Conference held in December.

Its suggestions on fostering new-quality productive forces were highly valued and in many cases adopted by relevant government departments, Liu said.

The second session of the 14th National Committee of the CPPCC will begin on March 4.

China's economy grew 5.2 percent year-on-year in 2023, finishing above last year's official GDP target of around 5 percent, and underscoring the resilience and potential of the Chinese economy in the post-COVID-19 era.

Escalating US trade protectionism, and its behavior of politicizing economic issues and erecting more trade barriers to affect fair competition, will only harm the development of its own auto industry in the long run, He Yadong, a spokesperson of China's Ministry of Commerce (MOFCOM), said on Thursday.

Chinese cars are popular in the global market because of their innovative features and high quality rather than alleged low-price dumping, He said, responding to a question over media reports saying that the Alliance for American Manufacturing had asked the US government to block the import of low-cost Chinese automobiles and auto parts from Mexico.

In addition, a Reuters report said on Wednesday that Republican US Senator Josh Hawley has introduced legislation to hike tariffs on Chinese vehicle imports amid so-called concerns about the potential competitive impact on American car companies.

In recent years, the US side has erected barriers to thwart Chinese car imports, like levying additional tariffs, excluding Chinese car brands from US government procurement and implementing discriminatory subsidy policies, He said.

While the US erects barriers to hinder Chinese carmakers, China is always open to carmakers from across the world, He said. 

US carmakers have fully enjoyed the dividends of China's huge market, with the sales volume of American brands far outpacing Chinese brands in the US. Protectionism by the US will only hinder its own auto industry's development in the long run, He said.

The MOFCOM spokesperson urged the US to respect the rules of the market economy and the principle of fair competition while correcting its non-market practices in order to build a fair environment for the long-term development of the auto industry.

The EU has also stepped up trade protectionism against Chinese automobiles, and recently, the EU's antitrust regulator launched an investigation into Chinese trainmaker CRRC Qingdao Sifang Locomotive, a subsidiary of CRRC Corp, the world's biggest producer of rolling stock.

Cui Dongshu, secretary-general of the China Passenger Car Association, told the Global Times that the protectionist moves of the US and EU violate the WTO principle of fairness, and robust exports of Chinese new-energy vehicles (NEVs) reflect the strong international competitiveness of China's industry chains rather than so-called subsidies.

In China, the subsidy granted to NEVs was completely phased out as of the end of 2022. In order to maintain fair competition, provinces across China were required to stop subsidies for NEVs starting from 2018, and subsequently, national subsidies were phased out in an orderly fashion, Cui said.

Cui is positive about the development of China's NEV sector on the back of its strong innovation capability, complete manufacturing system and strong supply chains.

China's vehicle exports surged 57.9 percent year-on-year to a record of 4.91 million in 2023 as the country's automakers expanded their presence overseas, according to data from the China Association of Automobile Manufacturers.

China-US economic and trade cooperation is a stabilizing force in bilateral relations. The Chinese side is willing to join hands with the US to implement the important consensus reached at the San Francisco meeting between the two heads of state to jointly promote the steady and healthy development of China-US economic and trade relations, Chinese Vice Commerce Minister Wang Shouwen said when meeting with a US Chamber of Commerce delegation led by the chamber's President and CEO Suzanne Clark in Beijing on Tuesday.

China will unswervingly promote high-level opening-up and it is hoped that member companies of the US Chamber of Commerce will continue to be deeply rooted in the Chinese market and achieve win-win development, Wang said.

German auto giant Volkswagen Group has signed an agreement with Xpeng, a Chinese electric vehicle (EV) maker to co-develop new EV models tailored for Chinese market, where broad consumers are embracing clean, environment-friendly cars.

The two parties agreed to commence strategic tech collaboration, bundling their respective strengths to explore the dynamic Chinese market, and will co-develop two intelligent internet-connected vehicles tailored for Chinese consumers, according to a statement sent from Volkswagen Group to the Global Times on Thursday. 

The agreement includes the joint purchase of vehicle equipment and auto parts, in addition to the use of innovative technologies in auto design and engineering.

The first two EV models are scheduled to hit the road in 2026, with one planned to be a sport utility vehicle, Volkswagen said. 

Ralf Brandstätter, a board member of Volkswagen AG for China region, said China is the world's largest and fastest-growing EV market, noting that the partnership with XPeng increases economic competitiveness of vehicle production in a price sensitive market environment.

He Xiaopeng, chairman and CEO of XPeng, said the company will provide Chinese consumers with the best EV products combining Volkswagen's vehicle making and engineering capability and XPeng's smart EV technology. 

In December 2023, Volkswagen completed the acquisition of shares amounting to 4.99 per cent of the total issued and outstanding share capital in XPeng, following the announcement of the partnership in July 2023.

Another Chinese EV maker Nio in December last year signed a pact for an investment of $2.2 billion with Abu Dhabi-based CYVN Holding. And, Dutch automaker Stellantis NV also announced in October 2023 to invest 1.5 billion euros to acquire approximately 20 percent of China's EV start-up Leapmotor, underlining the advantage and competitiveness of China's EV manufacturing.

At the end of 2023, China’s population was 1.4097 billion, a decrease of 2.08 million from the previous year, with urban permanent residents totaling 932.67 million. The annual new births reached 9.02 million, while deaths hit 11.1 million, resulting in a natural growth rate of -1.48‰: official statistics

Saturday marks China's traditional Lantern Festival, the 15th day of the first lunar month of the Year of the Dragon. On the day that concludes the two-week-celebration of the Chinese New Year, the nation's consumption performance is set to prolong the buying fever seen in the Spring Festival holidays.

The consumption vitality at the beginning of the year across sectors such as retail, tourism and entertainment underscored the recovery of the national economy, experts noted, and the positive result will be reflected in the official statistics at the end of the first quarter of 2024.

A Beijing resident surnamed Huo told the Global Times on Friday that her family saw long queues at stores to buy yuanxiao, a festive sweet-favored glutinous rice ball, to celebrate the Lantern Festival.

"Due to the extremely high demand for yuanxiao around the festival, some popular stores in Beijing sold out their daily inventory in just one morning," said a Beijing resident surnamed Li, noting that there were a lot of customers queuing in front of the store from early morning.

A staff member from a food store in Beijing said that the daily sales volume of yuanxiao reached 10,000 to 15,000 kilograms in recent days. The largest sales volume reached 40,000 kilograms and customers had to wait in line for 40 minutes, local media outlet Beijing Business Today reported.

As the Lantern Festival is not a holiday but falls on a weekend, catering and entertainment sectors are expected to receive large number of consumers for gatherings of family and friends, Zhang Yi, CEO of iiMedia Research Institute, told the Global Times on Friday.

Online retail platform Meituan told the Global Times that as of Wednesday, the number of restaurants launching yuanxiao-themed set menus increased by 55 percent week-on-week, and the volume of related orders surged by over 165 percent.

"The surging pre-order volume for restaurants, as well as the high customer volume at cinemas and shopping malls across the country, proves that national consumption is still running at a high level," said Zhang.

During the eight-day Spring Festival holidays, China witnessed record figures for domestic travel and spending, with both figures largely exceeding those of the same period in 2019 before the outbreak of the COVID-19 pandemic.

According to data released by the Ministry of Culture and Tourism on February 18, a total of 474 million domestic trips were made during the eight-day holiday, up 34.3 percent year-on-year, and total domestic tourism spending jumped by 47.3 percent year-on-year to about 632.69 billion yuan ($87.91 billion).

Multiple travel hubs, including the Hong Kong-Zhuhai-Macao Bridge and the Xishuangbanna Railway Station in Southwest China's Yunnan Province all reported new record on daily passenger volume during the holidays.

China's total box office also reached an 8.034-billion-yuan record during the holiday, according to box office tracker Dengta. Notably, the average film ticket price fell below 50 yuan from the 52.3 yuan in the 2023 Spring Festival holidays, indicating that more people were willing to spend money on the entertainment sector.

As the Spring Festival holidays in 2023 and 2024 fall in January and February respectively due to the lunar calendar, some year-on-year data may not be useful as a reference, Li Yong, a senior research fellow at the China Association of International Trade told the Global Times on Friday, while noting that the economic operation data for the first quarter of 2024 will see growth based on the current momentum and will provide a precise projection for China's economy operations.

The spokesperson for China's Ministry of Commerce (MOFCOM) He Yadong said in a regular press conference held on Thursday that China has seen a boom in consumption during the Spring Festival holidays, making a good start to 2024. The MOFCOM vowed to further organize a series of consumption promotion activities and fully implement measures to expand consumption.

"Consumption is set to contribute more to economic growth in the first quarter of 2024 thanks to a series of festivals, as we can see the consumer price is driven up by social consumption demand, and the CPI and PPI of the first quarter of 2024 will record upsurges," said Li.