The Qingming Festival holiday from April 4 to 6 has unleashed China's consumption vitality on novel smart, green products and services.
The Qingming Festival, or Tomb-Sweeping Day, fell on April 5 this year. It is a traditional Chinese festival in which people pay tribute to the deceased and worship their ancestors. The holiday also provides a short break for people as they engage in outdoor activities and sightseeing.
According to data from the Ministry of Commerce, average daily sales at major retail and catering enterprises rose 2.4 percent year on year during the holiday. Foot traffic and turnover at 78 key pedestrian streets (business districts) monitored by the ministry increased by 6.0 percent and 6.7 percent, respectively.
As goods consumption continues to gain momentum, demand for smart and environment friendly products remained robust. As of Sunday, more than 1.526 million applications had been submitted under China's vehicle trade-in subsidy program this year, driving new car sales worth 246.8 billion yuan (about 36 billion U.S. dollars).
Sales of home appliances under trade-in programs, along with digital and smart devices, reached 62.845 million units, generating 215.97 billion yuan (about 31 billion U.S. dollars) in revenue. Increased outdoor travels during the holiday boosted sales of smart electronics, with data showing sales of smart glasses, and smart watches and fitness bands surging 3.2 times and 12.3 percent, respectively, on major e-commerce platforms.
Service-related consumption also remained strong during the holiday. Sales at key catering businesses monitored by the ministry rose 3.9 percent year on year, while cross-city trips on major platforms climbed 15.1 percent from a year earlier. Spending at theme parks increased 11.7 percent compared with the same period last year, and car rental orders jumped about 40 percent year on year.
Qingming holiday unleashes spending on novel products, services
China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.
In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.
"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.
This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.
By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.
China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.
The minister said that China has always been a firm supporter and an important contributor to APEC.
"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.
China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting
