China's consumption potential further released during super Golden Week

China's consumption potential was further released during the Mid-Autumn Festival and National Day holiday dubbed as super Golden Week, CCTV reported on Monday.

During the eight-day holiday, 826 million people made domestic trips, generating 753.43 billion yuan ($103.95 billion) in domestic tourism revenue.

In terms of the number of tourists received, Henan ranked first among 26 provinces who announced their tourism data.

During the holiday, Henan received 84.8 million tourist trips, rising 212.2 percent of the same period last year and 127.9 percent of the same period in 2019, according to the data from Culture and Tourism Department of Henan province.

The large population base of over 100 million in Henan is the main reason why Henan received the most tourists, said Dai Bin, president of China Tourism Academy.

The national data indicated that 83 percent of the tourism was generated by urban and rural residents within the province. In other words, the larger the population base is the more tourists will be generated theoretically, Dai explained.

Jiangsu achieved a higher total tourism revenue of 90.76 billion yuan, among the 26 provinces that have released data.

In the first seven days of the holiday, the total consumption of cultural tourism in Jiangsu reached 17.56 billion yuan, accounting for 10.62 percent of the whole country, with the proportion remaining the first in the country, according to UnionPay business data.

Infrastructure is a key factor in tourism development and convenient transportation, public service and business environment can further expand the travel radius and enlarge the tourism market, Dai said.

Creating more interactive and immersive travel experiences can further drive tourism industry development and stimulate consumption, according to Guang Liyan, a director of decision advisory department at Academy of Macroeconomic Research.

Cultural travel consumption occupies a very typical position in residents' consumption, with final consumption accounting for more than 77 percent of the economy in the first half of the year.

Cultural tourism consumption not only drives economic recovery from the perspective of consumption, but also drives related manufacturing industries' development, stabilizes and creates more employment, and increases income.

It then in return promotes consumption and the rebound of consumption will drive supply, forming a virtuous cycle chain. This enhanced domestic demand has an endogenous driving force on the whole economic growth, Guo said.