China reports surge in payment by overseas individuals during May Day holiday

China saw a significant surge in payment activity from international visitors during the recent five-day May Day holiday, according to data released Wednesday by the People’s Bank of China. The number of transactions from overseas guests grew by more than 45% compared to the previous year, while the total value of those payments rose by nearly 37%. This upward trend was closely linked to a rise in tourism, as total trips by foreign nationals reached 1.26 million, with visa-free entries specifically seeing a nearly 15% increase.
Beyond international spending, the country’s broader payment infrastructure remained highly active throughout the holiday period. Major platforms including China UnionPay and NetsUnion processed nearly 29 billion transactions totaling 7.85 trillion yuan. These figures represent a steady year-on-year increase in transaction volume and value, highlighting a robust period for both the digital economy and the tourism sector.
Credit : CGTN