China’s tourism and consumption markets demonstrated robust activity during the National Day and Mid-Autumn Festival holiday. China Railway reported 110 million passenger trips between September 29 and October 4. The Ministry of Transport estimated 1.25 billion cross-regional trips from October 1 to 4, up 5.7% YoY. Retail and catering sales rose 3.3% YoY during the first four days. A notable trend is the rise of the “experience economy,” with over 12,000 cultural events nationwide and major sporting events spurring spectator travel.