A NUMBER of China’s listed firms in catering, retail, entertainment and other sectors have reported earnings and profit growth during the second quarter or the first half of this year, showing increasing demand and stronger recovery in consumer spending.

Net profits of firms in hospitality, catering, tourism and motion picture industries have all reversed their losses and made profits on par with those in the first half in 2019 as offline activities recovered across China, said the Shanghai Stock Exchange, citing analysis of financial reports of all of its listed firms.

Tourism-related companies received a shot in the arm as people flocked to lively urban streets and picturesque rural areas on weekends and holidays.

Online travel agency Trip.com Group said its net operating revenue in the second quarter surged 180% year on year with record-breaking overall hotel and plane ticket bookings. Industry data showed that over 2 billion tourist trips were made in the first half, up 63.9% from a year ago.

Spring Airlines said it returned to profit in the first half, buoyed by the increase in international flights and resumed group tours in over 100 countries and regions. The trend is likely to continue in the second half with heftier bookings for the National Day holiday in October, said company spokesperson Zhang Wu’an.

Official data showed that the number of passenger trips operated by China’s railways soared 124.9% year on year during the first half of this year, while daily flights in China rebounded to 89% of 2019 level in the first half.

The catering sector has also been recovering as pro-consumption policies have paid off. China has adopted several measures to unleash the consumption potential in the sector, such as launching gourmet festivals, developing special food streets and promoting the establishment of semi-finished cuisine hubs.

Guangzhou Restaurant, a time-honored Cantonese cuisine brand, opened a new eatery — its first in Shanghai — in May. “Business has been brisk, which has enabled more ventures,” said company secretary Chen Yang.

The firm said its first-half revenue and net profit climbed 22.57% and 39.86%, respectively, joining the ranks of other time-honored brands with double-digit or triple-digit profit hikes, such as Tongqinglou and Quanjude. (Xinhua)