China's domestic travel market sees strong growth in 2024

China saw a significant surge in domestic travel in 2024, with a total of 5.615 billion trips recorded, representing a 14.8 percent increase from the previous year, as reported by the Ministry of Culture and Tourism on Wednesday.

Domestic travelers in China spent a record-breaking 5.75 trillion yuan (about 790 billion U.S. dollars) during the year, up by 17.1 percent from 2023, the ministry said.

According to the quarterly breakdown of domestic tourism data, the first quarter saw a remarkable 16.7 percent surge in travel, with 1.419 billion trips recorded. The second quarter followed with 1.306 billion trips, representing a year-on-year increase of 11.8 percent. The third quarter experienced another surge, with 1.512 billion trips, a growth of 17.2 percent compared to the same period last year. The fourth quarter concluded with 1.378 billion trips, a 13.2 percent increase from the previous year.

Urban residents made up the majority of domestic trips, with 4.370 billion trips taken, reflecting a robust 16.3-percent growth compared to 2023. Rural residents recorded 1.245 billion trips, showing a more moderate but still positive growth of 9.9 percent.

Accordingly on the expenditure front, urban residents were the primary drivers of domestic tourism, contributing 4.93 trillion yuan, an 18.0-percent increase year on year. Meanwhile, rural residents spent 830 billion yuan, reflecting a growth of 12.2 percent.

China's domestic travel market sees strong growth in 2024

China's domestic travel market sees strong growth in 2024

China's domestic travel market sees strong growth in 2024

China's domestic travel market sees strong growth in 2024

China's domestic travel market sees strong growth in 2024

U.S. stocks and global gold prices plummeted while crude futures surged after U.S. President Donald Trump announced a naval blockade of the Strait of Hormuz on Sunday.

Trump said in a post on Truth Social that the U.S. Navy would begin blocking ships trying to enter or leave the Strait of Hormuz, after peace talks with Iran failed to produce a deal.

U.S. stocks market reacted strongly to his announcement, with futures of Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index nosediving by over 1 percent.

Meanwhile, global gold prices also tumbled. June gold futures on the New York Mercantile Exchange fell below 4,700 U.S. dollars per ounce, with losses at one point exceeding 2 percent.

The oil prices, on the contrary, rose significantly. As of 6:50 a.m. Beijing time on Monday, the West Texas Intermediate futures for May delivery soared 8.13 percent to settle at 104.42 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude futures for June delivery increased 7.52 percent to settle at 102.36 U.S. dollars a barrel on the London ICE Futures Exchange.

U.S. media reported that the failure of Iran-U.S. peace talks concerns the market, as the war could last longer than expected, which will further push up the oil prices and put more pressure on global economy.

US stocks, gold prices plunge as crude futures surge after Trump announces blockade of Strait of Hormuz