China ushers in year of the horse with economic boost hopes

Officials are hoping that this year’s extra-long lunar new year holiday will provide a boost to China’s economy as increasing domestic spending has been identified as a key priority for the year ahead.

- Amy Hawkins Senior China correspondent

The government expects a record 9.5bn passenger trips to be made across China during the 40-day spring festival period, up from 9bn last year. Hundreds of millions of people will be crisscrossing the country to make what is often their only trip home each year to see their families for the Chinese new year celebrations.

Although China is no longer the world’s most populous country, losing that title to India in 2023, China’s annual chunyun or “spring transport” is still the world’s largest mass migration of people.

The official new year holiday will be nine days this year, rather than the usual eight, giving people a longer break to spend their holiday hongbao, red packets of cash given to relatives during the festive period. The holiday period runs from 15-23 February, with New Year’s Day falling today.

China will be ushering in the year of the horse, said to represent optimism and opportunity, following the year of the snake, representing transformation akin to the reptile’s habit of shedding skins.