As the National Day holiday is coming to an end, the long break has revitalized urban commercial areas, with trade-in programs for consumer goods and multiple cultural and sports events attracting considerable crowds, resulting in a bustling consumer market across various regions.
The National Day holiday, starting on October 1 and known as a "Golden Week," is one of China's largest annual public holidays.
During the first five days of the holiday, an average of around 300 million trips were made daily, with bustling crowds at major scenic spots and museums. Nationwide, ticket bookings increased by over 37 percent compared to last year.
In Chengdu City of southwest China's Sichuan Province, naked-eye 3D experience program has attracted hordes of consumers.
"I took my child to experience it and hope that he can feel the charm of technology through these experiences," said Luo Zhiyong, a local in Chengdu City.
In the first four days of the National Day holiday, Beijing's 60 key commercial districts recorded a foot traffic of 26.969 million, marking a year-on-year increase of 20.9 percent. In east China's Jiangsu Province, key retail enterprises achieved cumulative sales of approximately 2.06 billion yuan (about 293.5 million U.S. dollars), a year-on-year increase of 13.5 percent. Key commercial areas in cities like Chengdu and Hangzhou also showed significant growth in both foot traffic and sales.
During the National Day holiday, various regions accelerated the promotion of trade-in programs for consumer goods, boosting the consumption of bulk commodities. The government allocated 60 billion yuan in subsidies for these trade-in initiatives, stimulating the holiday economy and invigorating market activity.
To ensure that consumers nationwide receive the freshest agricultural products from northwest China's Xinjiang Uygur Autonomous Region, China Post has utilized a green transport channel for fresh produce, helping local geographical indication (GI) products reach markets across the country.
"We primarily use air freight and express rapid delivery to transport our walnuts from Yecheng County to major cities within two to three days, ensuring that people can enjoy the freshest walnuts available," said Yan Qiang, general manager of China Post Xinjiang Yecheng County Branch.
National Day holiday sees booming consumption due to various stimulus measures
National Day holiday sees booming consumption due to various stimulus measures
With the introduction of new real estate policies in China's four major cities, industry insiders believe that the measures taken by multiple departments will help boost market confidence and contribute to the recovery of the property market, with first-tier cities leading the trend.
In late September, major Chinese cities including Beijing, Shanghai, Guangzhou, and Shenzhen introduced a new wave of real estate policy adjustments aimed at revitalizing the property market.
Starting October 1, Beijing introduced new property policies focused on easing purchase restrictions and increasing credit support. The minimum down payment for first-time home buyers has dropped from 20 percent to 15 percent, and from 30 percent to 20 percent for second homes - easing financial pressure and facilitating both first-time buyers and those looking to upgrade their homes.
Beijing’s real estate market has shown promising signs under these policy incentives. In the three days following the new policy release, the number of viewings for new homes in the Chinese capital increased by 92.5 percent compared to the same period last year, with purchase agreements doubling. Viewings for resale homes also rose by 104.1 percent year on year.
"Since the new policies came out, we've seen a rise in customer inquiries, whether they're looking to buy or sell a home. The number of customer viewings has also increased. Around 90 percent of them are looking to upgrade their homes. Some clients previously lacked confidence, but the new policy has made many feel that now is a good time to make a move," said Wu Bei, regional manager of Maitian Real Estate Agency.
In addition to Beijing, other first-tier cities such as Shanghai, Shenzhen, and Guangzhou have introduced similar measures, including lower down payment requirements and eased district-specific purchase restrictions.
"As the new policies take effect, we expect a rise in visits to real estate agencies and property viewings after the National Day holiday. We also anticipate that property prices will soon stabilize across the country, driven by Beijing and other top-tier cities," said Zhao Qingxiang, secretary general of the Beijing Real Estate Agency Association.
According to the Ministry of Housing and Urban-Rural Development, cities conducting promotional activities reported over a 50-percent year-on-year increase in visits to real estate projects during the week-long National Day holiday. Some properties in Guangzhou saw over 150 visits per day, up 200 percent from normal levels.
Adjusted policies motivate China's home sales: experts
