Domestic Demand Remains Strong as Millions Roam During Golden Week

The massive movement of millions across the country placed pressure on transportation, logistics and payment systems, providing a real‑time stress test for China’s economic foundations. Even county‑level markets saw crowds of tourists, indicating that the benefits of growth are spreading beyond major cities. While challenges such as real‑estate adjustments, local‑government debt and external demand fluctuations persist, the holiday demonstrated that Chinese consumers are still willing to spend, albeit with greater deliberation.