China saw nearly 13.1 million inbound and outbound trips being made during the country's seven-day National Day holiday rush which ended Monday, according to National Immigration Administration (NIA).
Data from the NIA showed that border inspection agencies across China facilitated a total of 13.098 million inbound and outbound trips, averaging 1.871 million per day, a 25.8 percent increase compared to the same period of last year.
Among the total trips, residents from the mainland made 7.589 million inbound and outbound trips, up 33.2 percent from from the same period in 2023.
Meanwhile, around 4.5 million entry and exit trips were made by residents from the Hong Kong Special Administrative Region, the Macao Special Administrative Region and the Taiwan region, a 13.2 percent year-on-year increase.
A total of 1.014 million trips were made by foreigners, a 37.2 percent rise from the same period of last year.
The NIA noted that border ports nationwide had taken active measures to forecast and control entry-exit traffic, operate sufficient checkpoints for travelers and effectively mitigate the impact of extreme weather on the customs clearance processes.
China handles nearly 13.1 mln entry, exit trips during National Day holiday
The U.S. Federal Reserve's 25 basis point cut on Thursday aligns with market expectations, said Li Fuyi, associate researcher at Institute for Foreign Economic Studies under the Academy of Macroeconomic Research.
The Fed on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.
Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated, the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.
"From a policy perspective, the 50 basis point cut in September was a more precautionary move, aimed at preventing the policy from lagging too far behind developments. Moving forward, the rate cuts should slow and follow a more gradual pace, allowing enough room for policy adjustments. The Fed would lower rates by another 50 basis points by the end of the year, so the November 25 basis point cut aligns with market expectations. In terms of economic data, Fed policy mainly responds to changes in employment and inflation," Li explained the interest rate cut.
"Currently, U.S. inflation is gradually approaching the Fed's 2 percent objective. For instance, the initial core PCE figure for the third quarter was 2.2 percent. At the same time, the labor market is roughly in line with the Fed's full employment target range. In this situation, there is no urgent need for a major rate cut. A moderate rate cut also avoids overly pessimistic market interpretations of the current economic situation. This approach is an optimal solution for the Fed's delicate balance between curbing inflation and avoiding economic cooling," she said.
US Fed's 25 basis point cut aligns with market expectations: expert