A series of government stimulus policies energized consumer spending during China's National Day holiday, which ran from Oct 1 to 7, sparking optimism among foreign investors about the country's economic prospects.
This year's week-long holiday saw strong consumer spending across the nation. In cities like Nanjing in east China's Jiangsu Province and Taiyuan in north China's Shanxi Province, shoppers have been snapping up bargains on home appliances, spurred by trade-in incentives and promotional offers.
The automotive sector also saw a resurgence, with nearly 20 cities, including Tianjin Municipality in northern China and Suzhou City of Jiangsu, hosting auto shows that attracted large crowds. These events, coupled with various incentives such as trade-in subsidies, have raised interest in car purchases.
"The government provides a scrap subsidy of 20,000 yuan (about 2,850 U.S. dollars), and with the additional discounts from brands, it makes the overall deal quite attractive. It really saves us a lot of money," said a consumer.
Prior to the holiday, the government implemented a series of measures, including cutting the reserve requirement ratio for banks and lowering mortgage rates on existing home loans, to boost market confidence.
These policies have garnered a positive outlook for China's economic future from international investors. Prominent investment firms, including U.S.-based Goldman Sachs and Morgan Stanley, as well as Switzerland's UBS, have expressed their optimism and confidence in China's economy.
"Major financial institutions from the United States, Europe and the Asia-Pacific region have released reports that are broadly optimistic about China's economy and stock market. Many have also raised their investment ratings, reflecting strong expectations for China's economic and capital market performance," said Bai Ren, executive director of the Bank of China International Holdings Securities Limited.
Stimulus measures spark consumer spending surge in China during National Day holiday
The 12th National Games for Persons with Disabilities and the Ninth Special Olympic Games will conclude on Monday, with a full-dress rehearsal for the closing ceremony held Saturday night at Shenzhen Sports Center.
Lasting approximately 45 minutes, the rehearsal seamlessly integrated artistic performances with core ceremonial elements, including the entrance of sports delegations, flag reception, flag raising, and the singing of national anthem.
The ceremony aims to highlight themes of inclusion and unity, underlining the spirit of perseverance, solidarity, and determination. Messages of harmony between disabled and non-disabled individuals, shared values across the Greater Bay Area, and collective progress were central to the evening's presentation.
A total of 600 performers are participating in the closing ceremony, including about 130 persons with disabilities. Organizers worked to ensure a supportive environment by pairing each visually impaired performer with a non-disabled guide to assist during rehearsals and performances.
Behind the scenes, thoughtful design turns inclusiveness into action. Though visitors will see a simple, elegant stage, hidden modifications make it fully accessible. Traditional stairs have been replaced with ramps on both sides of the stage to accommodate wheelchair users and all performers, and anti-slip carpets have been laid throughout to ensure safety, especially for performers with mobility challenges.
Technical teams are also fine-tuning every detail, including stage visuals and lighting effects.
A total of 7,824 athletes from 34 delegations registered for this year's Games, held for the first time jointly across Guangdong, Hong Kong, and Macao in the Greater Bay Area. The competition includes 1,876 events in 46 sports, with six winter sports already concluded. Highlights also include 131 events in 11 mass-participation sports and 599 events in nine Special Olympics sports.
Under the slogan "Passionate National Games, Vibrant Greater Bay Area," the Games are also being used to promote innovation in assistive technologies. A range of advanced products will be put into use during competition, helping move technologies from laboratories into real-world testing and market application.
Full-dress rehearsal for National Para Games' closing ceremony held in Shenzhen
