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One full year after China's reopening, domestic tourism during the Spring Festival saw robust rebound, which is set to provide welcome boost to the economic activity and send positive cross-border signals about the recovery of the second largest global economy, as developed markets are hoping for a soft landing, while emerging economies are facing brighter outlook in 2024.
The eight-day long Lunar New Year holidays in China, which began on February 10th, saw confident, double-digit increases of both number of tourists (34%) and tourism revenue (47.3%) compared to the previous year. More importantly, domestic tourism recovered above pre-pandemic levels, as tourists were 19% more than in 2019, while revenue posted a 7% increase over the Spring Festival during 2019.
Higher-frequency data available within CEIC suggests that the momentum is likely to be sustained after the holidays. The mobility index by AutoNavi, measuring daily highway traffic in between various Chinese cities stays above the levels in the last four years, as of late February.
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