Government data showed tourism in China and during the Labor Day holiday returned to pre-pandemic levels, with domestic flights up two-thirds from last year.
The Ministry of Culture and Tourism said travel-hungry Chinese made 274 million domestic trips during the five-day holiday period that began last Saturday, up 70.8% from a year earlier and up 19% from 2019.
It revealed that Chinese tourists spent 148 billion yuan ($21 billion) during these trips, up 128.9% from the previous year and on par with 2019.
Official data showed that non-manufacturing activity in China picked up in April, albeit at a slower pace than in March.
Goldman Sachs wrote in a note: “Strong tourism data, coupled with a more robust April services PMI, should lead to a recovery in consumption and services in the coming months, even if manufacturing growth slows,” he adds. “This confidence leads to our higher forecast for GDP growth in 2023 (6.0%).”
Source: Reuters.
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