This year, the Spring Festival holiday in China runs for nine days, from the 15th to the 23rd. The authorities are unleashing more than 40 billion KRW in subsidies and rolling out various incentives to boost consumption during the longest Spring Festival break on record.

According to the state-run Global Times on the 12th, the State Council Information Office said at a press conference the previous day that local governments have allocated 2.05 billion yuan (about 430 billion KRW) to spur Spring Festival spending this year. The funds will be provided directly to consumers in the form of various vouchers, subsidies, and cash support.

At the Central Economic Work Conference in December, the party and government identified expanding domestic demand as the top priority for the economy this year, with a particular emphasis on boosting service consumption. The authorities see significant room for growth in spending tied to cultural and sports activities at travel destinations.

The official Spring Festival break starts on the 15th, but the ‘mass migration’ began early. The 40 days from the 2nd through the 13th of next month comprise Chunyun, the special transport period for the holiday. Transport authorities expect the number of trips during Chunyun to reach 9.5 billion. By the 11th, more than 201,277,400 train tickets had been sold.

A surge in travel to South Korea also bears watching. According to market analysis firm China Trading Desk, 230,000 to 250,000 people are expected to visit South Korea during the Spring Festival holiday this year. According to the Korean Embassy in China, the total number of visas issued in January for travel to South Korea was 126,904, up 64% year on year. Most were short-term tourist visas.