At the Evergreen Park in Haikou, south China’s Hainan Province, visitors enjoy firework shows on February 12. 

Marvel is not the only cartoon marvel. In mid-Febuary, Ne Zha 2, China’s mythology-based animated blockbuster, jumped to the list of the top 10 highest-grossing films of all time globally, with its dizzying RMB 12 billion box-office earning. China’s burgeoning film industry is another indicator of the vitality of its economy, besides its stars like electric vehicles, smart phones and DeepSeek. 

The 2025 Spring Festival holiday from January 28 to February 4 not only saw a record number of moviegoers, but also a record box-office revenue of more than RMB 10 billion. 

The consumption market, part and parcel of the booming festival economy, also witnessed record revenue from guochao products – trendy merchandise inspired by traditional culture, tourism services, particularly those related to intangible cultural heritage experiences, and the ice and snow sports and entertainment sector. Fueled by digital transition, new consumption models and business modes are mushrooming, unleashing the the economic potential. 

This issue’s Special Report takes a close look at the festival economy, parsing the reasons behind.