China's Spring Festival sets off consumption boom

People celebrated Chinese Lunar New Year of the Rabbit with strong consumer sentiments.

The latest VAT invoice data from the State Taxation Administration showed that during the week-long holiday, sales revenue of China's consumption-related sectors rose 12.2 percent from last year's Spring Festival holiday and saw an average annual growth of 12.4 percent compared with the Spring Festival holiday in 2019.

The film market also witnessed a "good start". As of Jan. 27, China's movie box office revenue reached nearly 6.76 billion yuan (about $998.5 million).

Many travelers hit the road during the Spring Festival this year.

According to the calculation of the Ministry of Culture and Tourism, during the Spring Festival holiday this year, 308 million domestic trips were made, a year-on-year increase of 23.1 percent. Domestic tourism revenue reached 375.8 billion yuan, up 30 percent from the same period last year.