To commemorate the founding of the People's Republic of China on 1 October 1949, the nation enjoyed a nice holiday period in the first week of October. The week is often referred to as the National Day Golden Week with many businesses and offices closed in conjunction with the celebration, a tradition since 2000.
The National Day is celebrated throughout mainland China, Macau and Hong Kong with varied designated holiday periods: three days in Mainland China, two days in Macau, and one day in Hong Kong. Along with the weekend, many folks enjoy a long holiday. Among the National Day activities include a flag-raising ceremony, fireworks display, light shows, and marching of uniformed troops.
IMPACT ON THE ECONOMY
While the number of days varies between businesses and regions, the nation takes advantage of the time off to travel to their hometowns, shop for gifts, participate in celebrations and activities, or go on vacation locally and abroad. During the Golden Week, attraction sites, hotels, and flights all see a significant increase in prices as the hospitality, transportation, and retail sectors see a high influx in demand.
It is best to plan and account for the increase in pricing during this period as it is one of the country’s biggest economic and domestic tourism period. With China being one of the leading trading economies, the closure of business and operations can also have an impact globally.
MELCHERS IN CHINA
Melchers founded its first branch in Asia in 1866 and is now with its own branches present (among other places) in Beijing, Guangzhou and Shanghai. The Chinese market, which is the second largest economy in the world, is growing rapidly and offers companies from Europe a wide range of opportunities. However, cultural and regulatory differences make an expansion to China difficult, but as an experienced Asia experts we can help you to exploit the immense potential of the Chinese market.
If you are interested in opportunities with us, contact us at: contact@melchers.de
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