China’s economy is searching for momentum this year as activity is challenged by the property crisis, weak confidence and persistent deflationary pressures. As the nation’s most important holiday, the Lunar New Year is a key barometer for measuring consumption.
Chinese travel and spending during the Lunar New Year holiday exceeded levels from before the pandemic, adding to signs that consumption in the world’s second-largest economy is improving.
Some 474 million tourist trips were made around the country during the festival, which began Feb 10 and concluded Saturday. That’s up 19% from the same period in 2019, state broadcaster China Central Television reported, citing data from the Ministry of Culture and Tourism. Total tourism spending for the holiday climbed nearly 8% from that year to 633 billion yuan (US$88 billion).
