The consumer market is full of vitality, demonstrating the strong resilience of the Chinese economy. According to data released by the People's Bank of China on May 6th, payment transactions during this year's May Day holiday continued to grow. From May 1st to 5th, UnionPay and UnionPay processed a total of 28.937 billion payment transactions, totaling 7.85 trillion yuan, an increase of 23.45% and 2.74% respectively compared to last year's May Day holiday. The growth of over 20% in transaction volume covers the entire life scenario of "food, housing, transportation, travel, shopping, and entertainment", reflecting the increasing consumer willingness of the people and injecting strong momentum into economic development. During the May Day holiday, the tax-free shopping amount on Hainan's outlying islands was 554 million yuan, an increase of 10.4% compared to the same period last year; The number of WeChat Pay scenic spot transactions increased by 277% month on month in the three days before the holiday, and the number of performance event transactions increased by 153% month on month; UnionPay launched an exclusive consumer promotion activity for the "Su Chao" event, and during the May Day holiday, the per capita consumption amount processed by the local residents increased by 44% compared to the same period last year... With a large influx of people and active consumption, each payment transaction depicted a hot holiday consumption scene. Behind the vibrant holiday economy is a combination of policies from multiple departments: the 2026 "Buy in China" International Consumer Season, hosted by the Ministry of Commerce and others, plans to hold over a hundred key events during holidays such as May Day and Dragon Boat Festival; The National Development and Reform Commission and the Ministry of Finance have issued the second batch of ultra long term special treasury bond funds of 62.5 billion yuan to the local government in time this year to support the exchange of old for new consumer goods... A series of policy measures have continued to optimize the consumption ecology and improve the payment supporting facilities, providing continuous impetus for consumption. At the same time, more and more foreign tourists are crossing mountains and seas to experience the beauty of China. According to data from the People's Bank of China, during the May Day holiday, the number and amount of payment transactions processed by UnionPay and UnionPay for overseas personnel in China increased by 45.15% and 36.96% respectively compared to the same period last year. This is also confirmed by the data of some payment institutions: from May 1 to 3, the consumption amount of inbound tourists using payment treasure in China increased by nearly 70% over the same period last year, and the number of transactions of "external card internal binding" of overseas people using WeChat payment increased by 58% over the same period last year. Behind the "silky" payment, a continuously optimized payment environment is indispensable. The People's Bank of China continues to promote the binding of overseas bank cards to Alipay and WeChat payment for consumption in domestic merchants, while supporting the use of more and more overseas electronic wallets in China. The payment experience of "binding foreign cards inside" and "outsourcing for internal use" is getting better and better. The rise of payment data is not only a direct reflection of consumer vitality, but also a concentrated release of China's super large market advantages and consumption growth potential, injecting solid impetus into the economic development in the first year of the 15th Five Year Plan. (Looking into the New Era)
Edit:He Chuanning Responsible editor:Su Suiyue
Source:Economic Information Daily
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