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China ushers in consumption boom ahead of Spring Festival

China

China

China

China ushers in consumption boom ahead of Spring Festival

2025-01-03 17:10 Last Updated At:01-04 02:57

As Spring Festival approaches, Chinese consumers are flocking to malls and markets to snap up festive goods, from traditional foods to decorative items, driving up sales ahead of a holiday that's deeply rooted in Chinese culture and tradition.

To usher in the cherished festival, shopping malls in Guangzhou City of south China's Guangdong Province have been transformed into vibrant festive hubs, with elaborate decorations and exhibitions showcasing the city's rich cultural heritage.

"Customers can increase their knowledge of popular science while shopping and dining, which is also the development trend featuring multiple business models in the business circle," said Wang Yuqing, executive director of Guangdong Private Enterprise Chamber.

Meanwhile, a variety of consumer promotion activities, folk customs and subcultural activities have been introduced in major shopping malls across Shenzhen City of Guangdong Province, further fueling the growth of the cultural tourism market.

Recently, many customers in Ningbo City, east China's Zhejiang Province, have been busy with festival shopping and preparing New Year's gifts. A wide array of festive products is on display in local supermarkets, with New Year's gift baskets being the most popular item.

"This New Year's gift basket is selling very well, with many consumers purchasing four or five baskets at a time," said Du Lili, a saleswoman at a local market.

Luoyuan County of Fuzhou City, east China's Fujian Province, is one of China's key abalone breeding bases. With the approach of the Spring Festival, abalone sales have surged, and orders have reached their peak during this period.

"From now until the first month of the Chinese Lunar Calendar, our daily purchases range from 10 to 15 tons, which are delivered to various parts of the country," said Shi Lianfeng, a purchaser.

During this Spring Festival holiday, approximately 3,500 tons of abalone produced here will enter the market, driven by the surge in both supply and demand.

In Zaozhuang City of eastern China's Shandong Province, "huamo", a traditional flowery steamed-bun, is not only a popular food but also a feature of folk art.

The city is also renowned for its pomegranate cultivation. Skilled pastry chefs have expertly made huamo featuring pomegranate elements, adding a vibrant touch to the celebrations of the Chinese Lunar New Year.

"Pomegranate flowers, with their bright red color, symbolize prosperity and happiness, while the leaves represent the arrival of wealth and success. The seeds, in turn, symbolize the idea that more children bring greater happiness," said Zhu Lin, a pastry chef.

In Changzhi City, north China's Shanxi Province, waves of consumers are flocking to local flower markets to purchase New Year flowers to decorate their homes.

"Recently, butterfly orchid, flamingo lily, winterberry and other New Year flowers have been particularly popular with customers. As the Spring Festival approaches, we have also made preparations in advance, contacting suppliers to stock up on more sought-after flower products to meet consumer demand," said Chang Xiaohu, a local flower vendor.

The Spring Festival, or Chinese Lunar New Year, falls on Jan. 29 this year and the Spring Festival holiday will last until Feb. 4. It is China's most important festival and an occasion for family reunion. The New Year holiday will usher in the Year of the Snake, which takes the sixth place on the Chinese zodiac of 12 animals.

China ushers in consumption boom ahead of Spring Festival

China ushers in consumption boom ahead of Spring Festival

China is accelerating the commercialization of marine scientific and technological achievements and fostering new quality productive forces by boosting support for small and medium-sized enterprises (SMEs) in the marine sector, with a focus on investment and financing to drive industry growth.

The development of marine industries is marked by substantial investments, high risks, and slow returns. However, with strong national support, some companies, such as Zhejiang Startest Marine Science and Technology Co., Ltd. in east China, have achieved notable success.

The company is a national high-tech enterprise specializing in the independent research and development of underwater sonar detection equipment and underwater information data systems.

It now holds more than 210 intellectual property rights for its designs.

"We are now fully capable of replacing similar foreign imported products with our own ones, thereby overcoming the bottleneck in production caused by foreign product embargoes," said Su Xiaoyang, president of Zhejiang Startest Marine Science and Technology Co., Ltd.

While some marine SMEs, such as Shenzhen HiCloud Data Center Technology Co., Ltd., China's first underwater data center equipment and service provider, have mastered core technologies, a gap remains compared to international standards. As a result, continuous investment is necessary for them to overcome critical technological challenges.

"The Underwater Data Center Pilot Project is a new infrastructure initiative requiring a significant initial investment and scale effects. However, both users and investors in the market still lack a comprehensive understanding of the project's strategic significance, including the technical risks associated with emerging technologies," said Pu Ding, general manager of the Underwater Data Center Pilot Project in Hainan under Shenzhen HiCloud Data Center Technology Co., Ltd.

To address the challenges faced by marine SMEs in securing investment and financing, the Ministry of Natural Resources (MNR), along with the Shenzhen Stock Exchange, has organized a series of roadshows since 2016. Over 200 marine SMEs and innovation teams have participated, securing more than 3 billion yuan (around 409.8 million U.S. dollars) in financing.

In addition to these efforts, the MNR, in collaboration with the Shanghai Stock Exchange, launched China Ocean Economy Stock Price Index in 2024, covering 20 marine and related industries.

"This is the first domestic comprehensive index in the marine sector, covering all the markets of Shanghai, Shenzhen, Beijing, and Hong Kong. It provides timely insights into the operational performance of listed companies in the marine industry and plays an important role in promoting the efficient allocation of financial capital to the marine real economy," said Feng Lei, deputy director of the Ocean Strategic Planning and Economic Department under the Ministry of Natural Resources.

Small marine firms accelerate commercialization of sci-tech achievements under greater policy support

Small marine firms accelerate commercialization of sci-tech achievements under greater policy support

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