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Chinese tourist spending recovers to pre-pandemic levels, boosting economy

Chinese tourist spending on one of the country’s most important holidays surpassed pre-pandemic levels for the first time, officials said. This is a sign of economic momentum after China ends its coronavirus containment measures.

This week’s Labor Day holiday trip china economyPolicy makers hope this will help boost growth after a disappointing year when pandemic-induced restrictions dampened activity at home amid a bleak outlook for exports.

China According to the Ministry of Culture and Tourism, 274 million domestic trips were recorded in the five days to Wednesday, up 71% from the previous year and up 19% from 2019.

Total tourism receipts totaled RMB 148 billion ($21.5 billion), a sharp year-on-year increase, 1% higher than the same level in 2019, and holiday tourism receipts surpassing pre-pandemic revenues for the first time.

This figure shows that travel and spending have clearly improved compared to recent vacations. Chinese New Year in Januarywas hit by a wave of infections in the country’s big cities as the government scaled back its zero Covid regime.

Nevertheless, the per capita spending rate remains 10% below pre-pandemic levels, with Citi analysts pointing to “ticket price cuts.”[s] Outbound travel was also well below 2019 figures, due to weakening major attractions and spending power post-corona. limited international combat capability Restricted overseas travel for Chinese tourists.

“The data themselves are certainly positive,” said Ting Lu, chief China economist at Nomura, suggesting that growth in “face-to-face services” has driven China’s recovery this year. This kind of accumulated demand It may not be sustainable.”

The broader economy will be pushed by 2023 after Beijing’s dramatic U-turn on its Covid-19 strategy, which has imposed a three-year lockdown and weighed down consumer spending by mandating massive testing and travel restrictions. It showed various signs at the beginning of the year.

GDP add 4.5% Year-over-year in the first quarter, retail sales increased 11% in March. However, recent measurements of factory activity show continued weakness as the government grapples with pressure on exports from lingering real estate cash shortages and high global inflation.

Data released by Chinese business outlet Caixin on Thursday showed the manufacturing sector contracted month-on-month in April. Official inquiry on Sunday This has prompted policy makers to warn of an incomplete recovery in the economy.

Purchases of gold and silver jewellery, cosmetics, clothing, tobacco and wine rose by double digits during the May holidays, with sales at ‘major catering firms’ up 58%, the Commerce Department said. He added that he did.

Alipay, one of China’s two major digital payment platforms, said it saw a surge in job searches in the travel industry in mid-April compared to a month earlier.

Chinese policy makers A conservative 5% growth target The economy grew just 3% last year, falling short of the target of 5.5%.

But many experts expect to beat this year’s target, with Goldman Sachs economists saying workers’ holiday data “adds confidence” to their forecast of 6% growth. .

Domestic travel surged in early May, but outbound travel is at pre-pandemic levels as authorities have only recently resumed issuing travel visas and passports after years of suspension under coronavirus restrictions. is far below

International travelers are also not returning to China in the same numbers as before. Nomura’s Lou said cross-border flights were only 38% of pre-pandemic levels during the May holidays.

Summarize this content to 100 words

Chinese tourist spending on one of the country’s most important holidays surpassed pre-pandemic levels for the first time, officials said. This is a sign of economic momentum after China ends its coronavirus containment measures. This week’s Labor Day holiday trip china economyPolicy makers hope this will help boost growth after a disappointing year when pandemic-induced restrictions dampened activity at home amid a bleak outlook for exports.China According to the Ministry of Culture and Tourism, 274 million domestic trips were recorded in the five days to Wednesday, up 71% from the previous year and up 19% from 2019.Total tourism receipts totaled RMB 148 billion ($21.5 billion), a sharp year-on-year increase, 1% higher than the same level in 2019, and holiday tourism receipts surpassing pre-pandemic revenues for the first time.This figure shows that travel and spending have clearly improved compared to recent vacations. Chinese New Year in Januarywas hit by a wave of infections in the country’s big cities as the government scaled back its zero Covid regime.Nevertheless, the per capita spending rate remains 10% below pre-pandemic levels, with Citi analysts pointing to “ticket price cuts.”[s] Outbound travel was also well below 2019 figures, due to weakening major attractions and spending power post-corona. limited international combat capability Restricted overseas travel for Chinese tourists.

A snapshot of an interactive graphic is shown. This may be due to being offline or having JavaScript disabled in your browser.

“The data themselves are certainly positive,” said Ting Lu, chief China economist at Nomura, suggesting that growth in “face-to-face services” has driven China’s recovery this year. This kind of accumulated demand It may not be sustainable.”The broader economy will be pushed by 2023 after Beijing’s dramatic U-turn on its Covid-19 strategy, which has imposed a three-year lockdown and weighed down consumer spending by mandating massive testing and travel restrictions. It showed various signs at the beginning of the year.GDP add 4.5% Year-over-year in the first quarter, retail sales increased 11% in March. However, recent measurements of factory activity show continued weakness as the government grapples with pressure on exports from lingering real estate cash shortages and high global inflation.Data released by Chinese business outlet Caixin on Thursday showed the manufacturing sector contracted month-on-month in April. Official inquiry on Sunday This has prompted policy makers to warn of an incomplete recovery in the economy.Purchases of gold and silver jewellery, cosmetics, clothing, tobacco and wine rose by double digits during the May holidays, with sales at ‘major catering firms’ up 58%, the Commerce Department said. He added that he did.Alipay, one of China’s two major digital payment platforms, said it saw a surge in job searches in the travel industry in mid-April compared to a month earlier.

A snapshot of an interactive graphic is shown. This may be due to being offline or having JavaScript disabled in your browser.

Chinese policy makers A conservative 5% growth target The economy grew just 3% last year, falling short of the target of 5.5%.But many experts expect to beat this year’s target, with Goldman Sachs economists saying workers’ holiday data “adds confidence” to their forecast of 6% growth. .Domestic travel surged in early May, but outbound travel is at pre-pandemic levels as authorities have only recently resumed issuing travel visas and passports after years of suspension under coronavirus restrictions. is far belowInternational travelers are also not returning to China in the same numbers as before. Nomura’s Lou said cross-border flights were only 38% of pre-pandemic levels during the May holidays.
https://www.ft.com/content/70c6fcf5-a433-4e16-a52a-96f4e27fdbaa Chinese tourist spending recovers to pre-pandemic levels, boosting economy

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