A series of government stimulus policies energized consumer spending during China's National Day holiday, which ran from Oct 1 to 7, sparking optimism among foreign investors about the country's economic prospects.
This year's week-long holiday saw strong consumer spending across the nation. In cities like Nanjing in east China's Jiangsu Province and Taiyuan in north China's Shanxi Province, shoppers have been snapping up bargains on home appliances, spurred by trade-in incentives and promotional offers.
The automotive sector also saw a resurgence, with nearly 20 cities, including Tianjin Municipality in northern China and Suzhou City of Jiangsu, hosting auto shows that attracted large crowds. These events, coupled with various incentives such as trade-in subsidies, have raised interest in car purchases.
"The government provides a scrap subsidy of 20,000 yuan (about 2,850 U.S. dollars), and with the additional discounts from brands, it makes the overall deal quite attractive. It really saves us a lot of money," said a consumer.
Prior to the holiday, the government implemented a series of measures, including cutting the reserve requirement ratio for banks and lowering mortgage rates on existing home loans, to boost market confidence.
These policies have garnered a positive outlook for China's economic future from international investors. Prominent investment firms, including U.S.-based Goldman Sachs and Morgan Stanley, as well as Switzerland's UBS, have expressed their optimism and confidence in China's economy.
"Major financial institutions from the United States, Europe and the Asia-Pacific region have released reports that are broadly optimistic about China's economy and stock market. Many have also raised their investment ratings, reflecting strong expectations for China's economic and capital market performance," said Bai Ren, executive director of the Bank of China International Holdings Securities Limited.
Stimulus measures spark consumer spending surge in China during National Day holiday
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
