Data released on October 8 by the State Taxation Administration, based on the latest value-added tax invoice figures, shows that during the National Day holiday, service consumption across the country was robust, with average daily sales revenue in related industries rising 19.5% year on year.
Among the standout sectors, tourism sightseeing and entertainment services saw sales revenue climb 23.6% year on year, catering services rose 9%, cultural and arts services grew 20.9%, and sports services jumped 29.4%.
Consumption is the primary driver of economic growth and the ballast that keeps China's economy running steadily. This year, the Mid-Autumn Festival and National Day holiday period, with three days of leave combined with statutory days off creating an extended 13-day golden week, unleashed pent-up consumer demand in a concentrated way. At the same time, a series of people-friendly policies, including trade-in programs for consumer goods and interest subsidies on consumer loans, were rolled out at a faster pace, and when combined with local specialty consumption subsidies, policy dividends were fully released, and the vitality of holiday market consumption continued to surge.
What is even more noteworthy is that during the National Day culture and tourism consumption month, localities held more than 20,000 cultural and tourism events and distributed over 310 million yuan in consumption vouchers and other consumption subsidies. With these multiple measures working together, service consumption in areas such as dining, travel, scenic spots, and accommodation showed strong momentum, becoming the main engine driving the holiday economy.
Invoices are the most authentic digital traces of consumption behavior and serve as the most convincing barometer for observing consumption vitality. Since the beginning of this year, China's consumer market has maintained a trend of developing toward new and better directions, with market scale steadily expanding and development quality continuously improving. The latest value-added tax invoice data shows that during the National Day holiday, service consumption nationwide was robust, with average daily sales revenue in related industries up 19.5% year on year.
Particularly eye-catching was the 40.1% year-on-year increase in sales revenue for household appliances and audio-visual equipment, a 119.8% year-on-year jump in communication equipment such as mobile phones and smart bands, and a 52.3% year-on-year rise in retail sales of kitchenware and sanitary ware. Each invoice records not only the heat of holiday consumption but also the long-term trend of transformation and upgrading in China's consumer market.
Policy coordination, scenario innovation, and dual efforts on both supply and demand sides have activated the pool of vitality in the consumer market. China has a population of more than 1.4 billion, possesses the world's most complete industrial system, and has a per capita GDP exceeding 10,000 US dollars, making it the world's largest and most promising consumer market.
On the other hand, with the widespread application of new-generation information technologies such as cloud computing, big data, the Internet of Things, and mobile internet, new consumption scenarios, new business formats, and new models continue to emerge, further satisfying people's high-quality and diversified consumption needs.
It is certain that as residents' income levels continue to rise and the supply of services is continuously optimized, the enormous consumption potential will inevitably be further unleashed, accumulating stronger endogenous momentum for China's high-quality economic development.
The Chinese economy is a vast ocean, not a small pond. Development is the absolute principle, and high-quality development is the primary task of building a modern socialist country in all respects. Since the beginning of this year, with the support of consumption, China's economy has continued to develop toward new and better directions, laying a solid foundation for completing the full-year targets and tasks in the opening year of the 15th Five-Year Plan. Of course, the value-added tax invoice data during the National Day holiday once again shows that it is necessary to continue focusing on consumers' new demands, continuously optimize supply, and improve safeguards, so that the new engine of service consumption can run more steadily and powerfully. By letting new demand lead new supply and new supply create new demand, and making the main engine of consumption even stronger, China's high-quality economic development has broad prospects and a promising future.