The Mid-Autumn Festival, also known as the Mooncake Festival or the Moon
Festival, is the second largest festival in China, after the Chinese New Year Festival.
The Mid-Autumn Festival is a reunion with family members in which people celebrate by lighting lanterns, going out to eat, and eating mooncakes. The Mid-Autumn Festival is always the 15th day of the 8th month on the Chinese calendar. People in the earlier
days started this tradition to worship the moon for a good harvest for the year.
Nowadays, people celebrate it as the festival is a symbol of reunion.
Economic Impact of Mid Autumn Festival
The Chinese government is expecting nearly 900 million trips to be made during
the festival. Analysts have concluded that the festival would help generate $100 billion
worth of revenue as people are eager to see their family members face to face after the COVID regulations are lifted, which is a 20% boost from 2019. However, a seller that sells sculptures made of glass has spoken in an interview and said that even though people are going out more and celebrating, they aren’t buying as much as they used to pre-COVID. He said that he noticed that less people are carrying shopping bags, which naturally hints at the fact that they are spending less.
How China's Economy Impacts the World
If China’s economy continues to decline, China could drag down the global oil
prices. Since China is going through an economic strain, the goods they are shipping to
other countries have fallen in price which is good news to countries such as the US and
UK. China in 1980 had implemented a one child policy which now is hurting the economy a lot as there are less individuals to care for the elderly as well as less people
are taking jobs to then pay taxes for the elderly to get. Some parts of China's economy
is at an all time low so they canceled paying medical benefits for the elderly. As China is one of the biggest economies in the world, they set the stage for other countries and
how they take care of their finances.
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