Fueled by various promotional policies implemented across the country, China is witnessing a surge in consumer spending so far in the week-long National Day holiday season which began on October 1. In Shanghai, the government has distributed 500 million yuan (approximately 70 million U.S. dollars) in subsidies for consumer vouchers, targeting sectors such as dining, accommodation and entertainment. Major shopping centers also offer increased discounts to win more consumers during the holiday season.
In addition, Shanghai's automotive sector is also capitalizing on the holiday. In the Pudong New District, individual buyers purchasing new cars can receive an additional subsidy of 3,000 yuan (about 430 U.S. dollars), which can be combined with national or municipal incentives.
The Shangyu District in Shaoxing City of east China's Zhejiang Province has launched over 40 promotional activities, including trade-in programs for home appliances and product exhibitions.
"I found a robotic vacuum sweeper online for about 2,900 yuan (410 U.S. dollars). With government subsidies, I can save nearly 1,000 yuan (140 U.S. dollars). It feels like a great deal, and I plan to purchase it here," said a local resident.
Meanwhile, the city of Wuxi in east China's Jiangsu Province has also initiated a series of consumer-friendly activities, promoting trade-in programs for automobiles and home appliances to stimulate market activity. The province is collaborating across municipal and corporate sectors to launch hundreds of integrated promotional events, offering more than 1 billion yuan (142.5 million U.S. dollars) in subsidies. Additionally, Wuxi has rolled out seven specific policies aimed at benefiting elderly consumers and housing-related purchases, providing residents and visitors with substantial savings.
In Sanmenxia City of central China's Henan Province, local businesses are leveraging government incentives and their own promotional campaigns to invigorate the market for home appliances and automobiles.
At a local electronics store in Sanmenxia, buyers can enjoy discounts of up to 40 percent when the retailers enhancing their offerings by combining government incentives with manufacturer discounts, trade-in allowances for recycling used appliances, bank promotions, and free gifts.
"I'm currently renovating my home, and I've come here to check out the right television set. With the National Day holiday promotions and government subsidies, I can save over 2,000 yuan (280 U.S. dollars) on a TV set. It's a good deal for me," said a buyer at the store.
The automotive market in Sanmenxia is also experiencing vibrant activity. Various promotional programs, supported by government guidance and financial assistance, will continue throughout the holiday and extend until the end of October.
Promotional activities drive holiday consumption boom in China
More of China's A-share listed companies have disclosed major contract wins and full order books at the beginning of 2026, underscoring a solid start in the year and sending positive signals of a steady recovery and strong endogenous momentum in the country's economy.
Since the start of the year, more than 100 listed companies have announced major bid wins or contract signings, according to financial data company Wind data.
The newly secured orders span a wide range of sectors, from large-scale domestic infrastructure projects to international market cooperation, featuring sizable volumes and a diversified structure.
These developments have laid a sound foundation for corporate operations throughout the year while reinforcing confidence in China's economic recovery.
"Contracts worth over one billion yuan (around 144 million U.S. dollars) have been concentrated mainly in the infrastructure sector. Since the beginning of this year, listed companies have secured major project orders totaling more than 43 billion yuan (around 6.2 billion U.S. dollars). The launch of these projects has brought direct business support for enterprises while boosting market confidence in economic recovery, further vitalizing the industrial chain," said Tian Lihui, dean of the Institute of Finance and Development at Nankai University.
Infrastructure investment is also increasingly integrated with national strategies such as new energy and smart cities, with traditional infrastructure showing a clear trend toward intelligent and green upgrading.
In the ecological and environmental protection sector, several new projects worth hundreds of millions of yuan have been initiated, covering sanitation services, water conservation and waste treatment, highlighting green infrastructure as a new growth driver.
And a number of listed companies reported that overseas orders have significantly supported earnings growth.
With improving business performance, companies are becoming more proactive in disclosing order information, particularly during earnings forecast periods, to convey positive signals to the market.
Wind data show that more than 750 listed companies voluntarily disclosed order developments in 2025, accounting for 13.75 percent of the total.
Nearly 60 percent of companies with full orders are expected to see year-on-year net profit growth or significantly narrowed losses in 2025, with growth momentum likely to sustain into 2026.
Among them, 16 companies are projected to maintain net profit growth of over 10 percent from 2025 to 2027.
"The trend significantly reflects the longer-term vision of corporate performance, with the market now able to assess prospects over one or even two years rather than just a single quarter as before," said Zhang Yusheng, chief strategy analyst at Everbright Securities.
Industry observers believe that, amid sustained improvement in performance, the proactive disclosure of orders by listed companies helps stabilize market expectations, boost investor confidence and highlight growth potential, guiding capital toward high-quality enterprises.
A-share firms report strong order intake
