Spring brings better regional outlook

Indicators bode well for the recovery in the region including that of the Philippines which is currently in a deep recession

BEIJING (Xinhua) — China’s economy showed that it is gathering steam during the crucial Spring Festival period despite millions of people staying put for the weeklong holiday which started on 11 February, which usually sees mass migration across the country.

The indicators bode well for the recovery in the region including that of the Philippines which is currently in a deep recession.

The following are data highlights revealing China’s economic vitality during the holiday:

* Online payments through online Chinese payment clearinghouse NetsUnion and card payment giant China UnionPay surged over the weeklong holiday;

* Electronic transactions on the two platforms from 11 to 17

February totaled 6.36 trillion yuan (about $985.5 billion);

* Sales of China’s catering sector during the holiday was 5.4 percent higher from a year ago, indicating the sector is returning to pre coronavirus disease 2019 (Covid-19) levels.

Strong rebound

Revenues of the sector during the review period soared 358.4 percent from the Spring Festival holiday in 2020, which was hit by the country’s rapid and massive response to Covid-19, according to value-added tax data released by the State Taxation Administration.

China’s major coastal ports were also busy during the holiday amid the strong recovery of the Chinese economy, with the container throughput of major hub ports growing rapidly, according to the latest data from the China Ports and Harbors Association.

During the period, the container throughput at Shanghai Port increased by more than 20 percent compared with the figure from 2020, while the container throughput at Ningbo Zhoushan Port increased by 28.85 percent.

Cargo flights soar

The mainland also reported soaring overseas cargo flights, according to the country’s civil aviation authority.

Civil aviation involved a total of 2,553 overseas cargo flights during the seven-day holiday, statistics from the Civil Aviation Administration of China showed.

The number rose by 212.48 percent year on year from that for the Spring Festival holiday in 2020, and by 258.57 percent compared with that for the same period in 2019.

Notably, the peak travel day on 17 February saw the sector handling up to 302 overseas cargo flights, a 221.28 percent year-on-year increase.

Revenues of the sector during the review period soared 358.4 percent.

China’s civil aviation authorities and industry players at home and abroad have made concerted efforts to boost recovery and sustain the growth of the sector, which was hit hard by the pandemic.