Lunar New Year Festival to Boost Chinas Economy This Year

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China Launches Campaign to Boost Domestic Consumption During Lunar New Year

As millions of people across China mark the beginning of the Lunar New Year, the country’s largest annual human migration, known as Chunyun, is underway. The event, which typically lasts for 15 days, brings together family members from all over the country and beyond.

The Lunar New Year, also known as the Spring Festival in China, falls on Tuesday, February 17, this year, marking the beginning of the Year of the Fire Horse. According to tradition, each year is associated with one of the 12 zodiac animals, which is believed to influence the year’s character and fortune.

The celebrations are expected to drive a significant spike in domestic consumption, as people spend heavily on food, festive goods, entertainment, and tourism. Retail and e-commerce platforms have already seen an increase in sales during the pre-holiday period.

To boost consumption, the Chinese government has issued consumer vouchers worth over 360 million yuan ($52m) this month. The country is also expecting a record 9.5 billion passenger trips during the 40-day Spring Festival period, up from nine billion trips last year.

The Lunar New Year is not only culturally significant but also economically important for China, which has been driven by exports in recent years. The event provides an opportunity for households to spend on festive goods and entertainment, with many people saving nearly a third of their income.

While the Chinese government’s efforts aim to boost domestic spending, similar celebrations can be found in other East Asian countries, such as Vietnam and South Korea, where the Lunar New Year is observed under distinct cultural pretexts.

Source: Al Jazeera