SHANGHAI - China's tourism rebounded to pre-Covid-19 levels in the May Day holiday as the number of domestic trips rose by more than two-thirds from a year earlier, government data showed on Wednesday (May 3), a welcome boost for the world's second-biggest economy. If sustained, a recovery in the service sector could ease worries that China's post-pandemic economic recovery could...
Mainland Chinese tourists walk in front of the skyline of buildings at Tsim Sha Tsui, in Hong Kong, China on May 2.SHANGHAI - China's tourism rebounded to pre-Covid-19 levels in the May Day holiday as the number of domestic trips rose by more than two-thirds from a year earlier, government data showed on Wednesday , a welcome boost for the world's second-biggest economy.
Travel-hungry Chinese made 274 million domestic trips during the five-day break that began on Saturday, a rise of 70.8 per cent from a year earlier, and 19 per cent more than during 2019, the Ministry of Culture and Tourism said on its website. The figures from this year's May Day holiday - the first travel season since the pandemic without restrictions - are being monitored as a gauge of China's economic health.
"The strong holiday tourism data, together with the still-solid April services PMI, bode well for consumption and services recovery in coming months, despite the softening in manufacturing growth momentum," wrote Goldman Sachs in a note.The next leg of consumption recovery will rely on higher income growth and improved consumer confidence which will make the recovery model more sustainable, Goldman Sachs added.
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