China develops nighttime economy
August 20, 2019 Category Macro-economy, Weekly
Authorities nationwide have beefed up measures to develop the nighttime economy, with steps to encourage post-dusk business activities and later closing hours at museums and art galleries. The moves follow reports that China’s economic growth slowed to 6.2% year-on-year in the second quarter, its weakest pace in at least 27 years, with consumption contributing more than 60% of GDP growth. A number of cities, including Beijing, Shanghai, Tianjin and Jinan have recently rolled out measures to shore up the nighttime economy, also known as after-hours economic activity, with longer operating hours for public transport.
The Beijing Municipal Bureau of Commerce unveiled a string of policies last month, including later closing hours at tourist spots, museums, sports grounds and art galleries. The city will extend the operating hours of several subway lines every Friday, Saturday and Sunday, and 25 night bus lines in key areas will operate more frequently. Seven new bus lines will also open to facilitate night travel for large residential communities in the city’s North. Zhao Ping, who researches the consumption economy at the China Council for the Promotion of International Trade (CCPIT), said the scope of the night-time economy extended far beyond night markets. “The catering sector is only the starting point,” she said. “There is still so much to explore in aspects of culture and tourism.”
The authorities in Shanghai unveiled a list of cultural activities and tour routes. The Municipal Culture and Tourism Bureau said 105 tourist spots, art galleries, museums and memorials across the city had taken measures to meet the growing demand for nighttime leisure activities from Shanghai residents and tourists.
A report by Meituan Dianping, China’s largest provider of on-demand online services, said spending on nighttime dining around the country rose 47% last year, higher than the daytime growth, with Beijing and Shanghai ranking first and second. The report also showed that 16 of the 20 cities with the highest spending on nighttime dining were in South China, and that people between the ages of 20 and 40 accounted for most of the spending. Meanwhile, the State Administration for Market Regulation has called for greater efforts to ensure food safety as local authorities encourage growth of the nighttime catering sector. Fu Yifu, Consumption Analyst at the Suning Institute of Finance, said growth of the nighttime economy will help boost domestic consumption and create more jobs, the China Daily reports.
In Shanghai, a 500-m road in Xintiandi will become pedestrian-only from 8 p.m. on Fridays to 5 a.m. on Mondays through September 9 in a trial to promote Shanghai’s nightlife. Street artists will entertain visitors, while business operators will have stalls on the street. Outdoor movies will be played along with other cultural events and entertainments. Shanghai is aiming to revive its nightlife after shutting down noisy late-night bars and eateries over the past few years in response to residents’ complaints. Shanghai’s Huangpu district has appointed a nightlife Director and five nightlife CEOs.
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