Growing up by the Panlong River in Kunming, I have always felt that this Spring City, surrounded by flowers in all seasons, embodies a uniquely gentle and lively atmosphere. During the Spring Festival, strolling along the river, wandering around Green Lake, and exploring the night markets, I caught the aroma of coffee and tea drifting through the streets—a familiar scent that instantly evokes the distinctive flavor of my hometown. With joy, a vivid picture of local life gradually unfolds.
1. Cultural Tourism Economy and Specialty Industries Drive Kunming's Renewed Vitality
The night scene at Nanqiang Street in the city center is a vivid snapshot of Kunming's nighttime cultural tourism economy. In the neatly organized street vendor areas, a wide variety of food and goods are on display, including fried potatoes, specialty flower pastries, freshly grilled dairy fan, and traditional Dian embroidery. The calls of vendors blend with the gentle winter breeze, creating a lively yet not overwhelming ambiance. A closer look reveals rows of trendy snack stalls offering local delicacies such as Paoluda, papaya water, and Guanduo rice noodles. Young entrepreneurs have also set up coffee stalls where, for just over ten yuan, one can enjoy the rich flavor of freshly ground Yunnan small-grain coffee. The bustling crowds consist of both local families enjoying an evening out and tourists drawn by the city's reputation, together painting a vibrant picture of Kunming's thriving nighttime economy.
Kunming's nighttime economy has evolved from simple night markets into a diverse ecosystem integrating culture, tourism, commerce, and recreation. According to data from the Kunming Commerce Bureau, the city has established 4 national-level, 9 provincial-level, and 12 municipal-level nighttime economic hubs. Landmark areas like Nanqiang Street and Shuangqiao Night Market continue to attract steady streams of visitors. For example, the historic Nanqiang Street area reported revenue of 11.70 billion yuan in the first half of 2025, a 9.28% year-on-year increase, with average daily foot traffic exceeding 40,000 people and supporting over 3,000 jobs. This success is supported by the government's meticulous management, which has regulated vending zones and integrated stalls into the market, preserving both the local charm and urban aesthetics.
Kunming's mild climate, abundant tourism resources, and festive atmosphere have made it a popular choice for travelers during the Spring Festival. At Green Lake, families can be seen strolling along the lakeside paths—pushing strollers, holding toddlers' hands, or chasing seagulls—creating warm, joyful scenes emblematic of the holiday spirit. Other popular destinations include Dianchi Haigeng Dam, Yunnan Ethnic Village, and Kunming Zoo. As reported on February 6, Kunming saw a 46% year-on-year increase in overall travel bookings during the Spring Festival holiday, with flight bookings up 35%. The city also ranked first nationally as a preferred destination for car rentals during the 2026 Spring Festival. With its pleasant climate, rich cultural and natural attractions, and relaxed pace ideal for family trips, Kunming has become a top choice for亲子游 and off-season travel in Southwest China.
The tourism boom is underpinned by robust specialty industries, with tea and coffee standing out as two of Kunming's signature sectors. As a transit hub and distribution center for Yunnan coffee, Kunming serves as the heart of China's coffee industry. From the first introduction of coffee via the Yunnan-Vietnam Railway in the late Qing Dynasty to the widespread presence of coffee shops today, Yunnan small-grain coffee is gaining global recognition through Kunming. Meanwhile, as a distribution hub for Pu'er tea, Kunming hosts the largest cluster of tea markets in Southwest China, with 19 tea markets attracting enthusiasts from near and far. In 2024, the tea industry's total output value reached 9.871 billion yuan, a 14.92% year-on-year increase, with local brands like Baohong Tea and Shilixiang gaining prominence. The rise of the tea and coffee industries has not only diversified Kunming's consumer offerings but also become an integral part of the tourism experience, allowing visitors to savor the city's unique flavors through a cup of coffee or a pot of Pu'er tea.
Overall data reflects Kunming's dynamic tourism economy. The service sector, a core pillar of the city's economy, has deepened its integration with cultural tourism and specialty industries, increasing its share of GDP from 51% in 2014 to 67% in 2025. During the 14th Five-Year Plan period, Kunming saw average annual growth rates of 24.27% in tourist arrivals and 26.65% in tourism revenue. In the first nine months of 2025, the city welcomed 280 million visitors, generating 355.185 billion yuan in tourism revenue, representing year-on-year increases of 7.25% and 12.50%, respectively, highlighting its vitality, appeal, and potential.
2. Balancing Enthusiasm with Strategic Thinking: Kunming Enterprises and Capital Markets
As of the end of 2025, Yunnan Province was home to 39 listed companies, 29 of which are based in Kunming. Benefiting from rich resources such as non-ferrous metals and medicinal herbs, companies in sectors like pharmaceuticals, non-ferrous metals, and basic chemicals play significant roles. Since the start of the 14th Five-Year Plan period, all four new listed companies in Yunnan have been from Kunming. However, compared to peers in Southwest China—such as Chengdu, with 115 listed companies and 35 new listings during the same period, and Chongqing, with 79 listed companies and 21 new listings—Kunming still lags in both the scale and momentum of listed enterprises.
In the private equity sector, as of the end of 2025, Yunnan had 59 registered private fund managers with 148 funds under management, totaling 95.768 billion yuan in assets. Among these, Kunming accounted for 48 managers, 130 funds, and 93.088 billion yuan in assets under management. Nationwide, private fund assets reached 22.15 trillion yuan during the same period. While Kunming excels in industries like tea and coffee, the coming 15th Five-Year Plan period presents an opportunity to better align regional capital market development with industrial transformation. Cultivating more nationally influential local brands will be key to advancing high-quality economic growth in the region.
It is a pleasure to share these observations as the holiday season draws to a close. Kunming's beauty lies not only in its perpetual blossoms but also in its relentless drive for progress. Endowed with unique cultural and tourism assets, deep industrial roots, and a vibrant local culture, the city is well-positioned for the future. I look forward to seeing more outstanding Kunming enterprises leverage capital markets to step into the spotlight. May this gentle Spring City continue to shine as a distinctive pearl of Southwest China.