China vows efforts to boost consumption

The annual tone-setting Central Economic Work Conference vowed to vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts next year.

While the country used to rely on investment and exports for economic expansion, consumption has increasingly played a predominant role in recent years under its strategy of advancing a "dual-circulation" development pattern, which takes the domestic market as the mainstay while allowing domestic and international markets to reinforce each other.

In the first three quarters of 2024, consumption contributed 49.9 percent of the country's economic growth, substantially surpassing investment and exports, which accounted for 26.3 percent and 23.8 percent, respectively.

China's railway network achieved a record-breaking number of trips in the first 11 months of the year, backed by stable economic recovery and a revitalized tourism industry.

According to the China State Railway Group Co, the railway sector handled over 4 billion passenger trips from January to November, the first time this threshold has been reached within a year.

According to the data center of the Ministry of Culture and Tourism, in the first three quarters of 2024, village tourism visits increased 15.5 percent yearly to about 2.25 billion, with total revenue up 9.8 percent year-on-year to 1.32 trillion yuan.

People's interest in traditional cultural attractions was reflected in the travel boom, with many flocking to historical sites during this year's holidays.

While venturing to different places, many tourists picked up cultural and creative products as mementos of their trips, and more thoughtfully designed items have started to make their way to market.