{"id":2522,"date":"2024-02-19T07:04:02","date_gmt":"2024-02-19T07:04:02","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/02\/19\/china-tourism-spending-tops-pre-covid-level\/"},"modified":"2024-02-19T07:04:02","modified_gmt":"2024-02-19T07:04:02","slug":"china-tourism-spending-tops-pre-covid-level","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/china-tourism-spending-tops-pre-covid-level\/","title":{"rendered":"China tourism spending tops pre-Covid level"},"content":{"rendered":"

Tourism spending in China during the Lunar New Year jumped above pre-Covid levels, official data shows.<\/strong><\/p>\n

Domestic tourism spending hit 632.7 billion yuan ($87.96bn; \u00a369.7bn), about 47% more compared to the same holiday period last year according to government figures.<\/p>\n

The celebrations came after years of pandemic lockdowns and restrictions, which were lifted in early 2023.<\/p>\n

The data was also boosted as the holiday was a day longer than usual.<\/p>\n

The figures for the start of the Year of the Dragon showed that 474m domestic trips were taken during the eight-day break, which ended on Sunday. That was more than 34% higher than last year and 19% above pre-pandemic levels in 2019.<\/p>\n

Although authorities did not give a breakdown of the data, calculations based on the official figures show that average spending on each trip was down by around 9.5% compared to 2019.<\/p>\n

This suggests \u201cconsumption downgrading is still widely seen,\u201d analysts from US investment banking giant Goldman Sachs wrote in a note.<\/p>\n

The holiday, known as the Spring Festival in China, is the world\u2019s largest annual migration.<\/p>\n

Traditionally, hundreds of millions of people return to their hometowns in China to reunite with family members, or visit tourist attractions across the country.<\/p>\n

During the pandemic, major celebrations were cancelled and travel was banned.<\/p>\n

The jump in overall Lunar New Year spending marks some rare good news for the world\u2019s second-largest economy, which is facing a number of challenges.<\/p>\n

Among the serious issues Beijing is grappling with are a property market crisis, weak exports and concerns about falling consumer prices, or deflation.<\/p>\n

Meanwhile, official data released on Sunday showed that investment by foreign businesses into China last year increased by the lowest amount for three decades.<\/p>\n

The Foreign Direct Investment (FDI) fell to the lowest level since 1993, according to the State Administration of Foreign Exchange.<\/p>\n

The post China tourism spending tops pre-Covid level<\/a> appeared first on KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Tourism spending in China during the Lunar New Year jumped above pre-Covid levels, official data shows. Domestic tourism spending hit 632.7 billion yuan ($87.96bn; \u00a369.7bn), about 47% more compared to the same holiday period last year according to government figures. The celebrations came after years of pandemic lockdowns and restrictions, which were lifted in early […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2522","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/2522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=2522"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/2522\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=2522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=2522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=2522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}