Overview
- - Central bank data show China's main payment networks, UnionPay and NetUnion, processed 28.937 billion transactions totaling RMB 7.85 trillion during the May Day holiday, with transaction count up 23.45% year over year and total value up 2.74%.
- - Spending by overseas visitors to China rose sharply, with payment counts up 45.15% and amounts up 36.96%, signaling a solid return of inbound tourism.
- - Tax authorities, using value‑added tax invoices to track sales, report consumer‑related industries grew 14.3% from a year earlier, led by tourism and entertainment demand.
- - Services tied to daily life and well‑being accelerated, as health services rose 40.1% and household services increased 14.2%, including strong gains in laundry, pet care, and auto repair.
- - In‑person shopping and higher‑quality goods strengthened, with offline retail up 12.4% and brisk demand for cosmetics, jewelry, and handicrafts.