Service consumption is picking up faster, economic recovery is supported

People's Daily Online, Beijing, May 8th (Yang Xi) Recently, data on the May Day holiday released by multiple departments shows that my country's service consumption is picking up quickly and is in a period of rapid recovery.

"May 1" holiday service consumption accelerates recovery

Under the premise that the epidemic prevention and control situation is basically stable, the potential of service consumption has been effectively released.

According to the 2021 May 1st holiday tourism market data released by the Ministry of Culture and Tourism on the evening of the 5th, during the May 1st holiday in 2021, 230 million domestic tourists traveled nationwide, an increase of 119.

On the 7th, the value-added tax invoice data released by the State Administration of Taxation showed that the sales revenue of tourism-related industries during the "May 1st" period increased by 153.

Monitoring data released by the State Post Bureau on the 6th showed that during the May 1st holiday this year, the postal express industry across the country maintained an overall safe and stable, high-level and orderly operation.

Zhao Lianwei, deputy director of the Revenue Planning and Accounting Department of the State Administration of Taxation, said that the consumption potential of residents during the May 1st holiday was effectively released, related consumption indicators entered a normalized growth range, and the economic effect of the holiday continued to appear, especially some tourism services exceeded their pre-epidemic levels for the first time.

Further recovery in the second quarter is worth looking forward to

The non-manufacturing PMI data for April released by the National Bureau of Statistics recently showed that among the 21 industries surveyed, 19 industries’ business activity indexes were in the prosperous range.

　　Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, said that some industries that were severely constrained by the epidemic in the early stage recovered significantly, and the business activity indexes of accommodation, catering, ecological protection and environmental governance, culture, sports and entertainment were at least higher than last month.

　　Many institutions believe that the continued substantial expansion of the service industry is mainly related to the continued improvement of the epidemic prevention and control situation and the "Ching Ming" and "May 1st" holidays.

　　The research report issued by Huachuang Securities believes that the period from April to May this year is similar to that from September to October last year.

　　According to a research report released by Everbright Securities, the service industry further picked up in April, mainly driven by the Ching Ming holiday and the better situation of epidemic prevention and control.

　　According to a research report issued by Zhongtai Securities, the tourism market during the May 1st holiday this year has returned to a stable and orderly manner.