China Sees Surge in Travel During Mid-Autumn Festival, Border Crossings Remain Smooth
BEIJING – China experienced a surge in travel during the recent Mid-AutumnFestival holiday, with 5.256 million people crossing borders, according to official data. Despite the increased traffic, border crossings remained efficient and smooth,highlighting the country’s efforts to facilitate travel and boost tourism.
The Mid-Autumn Festival, celebrated on the 15th day of the eighth lunar month,is a major holiday in China, often marked by family reunions and mooncake feasts. This year, the festival fell on September 29th, creating a long weekend for many travelers.
The influx of travelers is a positive sign for China’s tourism industry, which has been recovering from the pandemic. The government has been actively promoting domestic tourism and easing travel restrictions to encourage more people to explore the country.
The smooth border crossings are a testament to the government’s commitment toimproving infrastructure and streamlining processes. This includes the development of new border checkpoints, the introduction of digital platforms for customs clearance, and the deployment of more personnel to handle the increased traffic.
The surge in travel also highlights the growing demand for international travel, as China continues to reopen its borders and ease restrictions. This trend is expectedto continue in the coming months, as more people seek to travel abroad after being confined for several years due to the pandemic.
Other Economic News:
In other economic news, the US Bureau of Labor Statistics has faced criticism after a recent error in the release of revised non-farm payroll data. The agency mistakenlypublished the wrong data, leading to confusion and uncertainty among market participants.
Meanwhile, the Chinese financial market has seen some notable developments, including the first expansion of a real estate investment trust (REIT) focused on affordable housing. This move indicates growing investor interest in this sector, driven by the government’s commitment toproviding affordable housing options.
The China Securities Regulatory Commission (CSRC) has also introduced a new system to verify the background of individuals seeking to invest in companies before their initial public offerings (IPOs). This measure aims to prevent insider trading and other fraudulent activities.
Company News:
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China Eastern Airlines has appointed Liu Tiexiang as its newgeneral manager, replacing Li Yangmin who retired due to age. Liu Tiexiang, a former pilot, has extensive experience in the aviation industry, having previously worked at Air China for over a decade.
Japanese companies operating in China have urged the government to take measures to protect their employees amid rising tensions between the two countries. Thiscall comes as some Japanese businesses have reported facing harassment and intimidation from Chinese nationals.
Logistics and Shipping:
The global shipping industry continues to face challenges, with the container freight rate index falling by 8% recently. This decline is attributed to a slowdown in global trade and increased competition among carriers.
In China, theport of Shanghai has been hit by a powerful typhoon, forcing the cancellation of all flights and causing power outages in some areas. This event highlights the vulnerability of China’s infrastructure to extreme weather events.
The US has released a report alleging safety concerns with cranes manufactured by ZPMC, a major Chinese heavy equipment company.The report recommends that the US government consider purchasing cranes from friendly countries in the future.
These developments underscore the dynamic nature of China’s economy and its global interconnectedness. As the country continues to navigate a complex geopolitical landscape, it faces challenges and opportunities in various sectors, from tourism to finance and logistics.
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