China recorded contrasting figures for consumption of goods and services during the national holiday of one week from 1 to 7 October at home and abroad, which are representative of the country’s efforts to rebalance its economy.
Japan and Taiwan
Japan and Taiwan have both seen a record number of Chinese visitors during the so-called Golden Week holiday, with Japan becoming the most popular destination to receive 400,000 Chinese tourists.
Consumption records for Golden week
Shopping is also expected in Chinese visitors during the week in Japan to set a new record, exceeding seven billion yuan (1.10 billion dollars) posted during the cherry blossom season this year.
1.10 billion dollars
Chinese visitors prefer Japanese products for their good quality and the elements that attract attention are often later imported by commercial sites of the country (source https://travelmassive.com/) . The nearby tourist services developed well, lower Japanese yen and exemption from the consumption tax for the Tokyo foreign visitors also help the country to attract tourists from China. source
On the other hand, Hong Kong, which has seen more and more anti-mainlander sentiment seen a year on year decrease of 20% of the activity during the week from a year earlier and 20% -30% decline in the number of tourists to cross the border.
Hong Kong lost sales of consumer goods and foodstuffs to Japan and sales of luxury goods to North America and Europe.
China itself also posted slower growth in retail sales during the holiday week, winning only 11% a year earlier.
The daily use record book is used to make entries of all drugs dispensed on a daily basis. • Maintain a daily use record in the daily use record
New consumption-based economy
While the country is trying to turn into a consumption-based economy, a key issue that must be addressed is the quality, as demonstrated by the preference of national consumers for Japanese products.
The manufacturing sector in Taiwan has undergone a similar transformation to improve product quality in the 1980s and can share its experience with its counterparts in China. The consumption figures shown cover total power consumed in metropolitan China
The authorities of China, Hong Kong and Taiwan still need to look deeper to tap into the potential purchasing power of Chinese consumers indicated by recent statistics.