Spring Festival stats bode well for economy in 2019

Official tourism and consumption figures from the just concluded weeklong Spring Festival holiday were released on Sunday night. The number of domestic tourists increased 7.6 percent compared with the same period last year, and tourism revenue increased 8.2 percent. Meanwhile, retail and catering saw a rise in sales of 8.5 percent.

The three figures are smaller than those of last year, but still they are good enough for an economy as big as China. They reflect the downward pressure the Chinese economy is facing, but also show the tenacity of the economy. The Chinese public remains active in consumption, revealing the public’s expectation and confidence toward the future.

The international environment in 2018 deteriorated, and this year the Chinese economy will still face uncertainties. This has posed severe challenges to the country’s economic management. But the Spring Festival holiday data shows that most people remain optimistic about themselves and certain pessimistic predictions of the economy do not affect their plan for life.

The most basic feature of China is its big size. As long as the country is politically stable, turbulence will be diluted by society. The Chinese public is creative and adaptable in nature, and the country will not be held back by a certain challenge.

Consumption during the Spring Festival has been rising over the past few years, thanks to the public. The government has barely intervened and provided more proper services. The vitality of the public should be respected and the government should try not to intervene in microeconomic activities. This should be the general trend of China’s reforms.

The spending spree during the Spring Festival also reveals that it is more important to create more ideal and convenient conditions.

For instance, people can have more paid leave and consume products of a better quality. Problems that affect people’s travel experiences should be tackled.

Domestic consumption has become the locomotive of the Chinese economy and the Spring Festival proves that this locomotive is powerful. The economy functions all right, and China is continuingly releasing its potential. The biggest problem of the economy is not a lack of demand, but that government must provide favorable policies to make the economy play out its potential. This is the essence of reform and opening-up, which, however, is easier said than done.

This year will be key for the country’s reform and opening-up. No matter how trade talks between China and the US turn out, China will open itself more, which will in turn promote the implementation of reform. The economic trend, as shown by the consumption figure during the Spring Festival, and the acceleration of reform and opening-up, will better converge in the Year of the Pig.