Lunar New Year tourism in China provides spark for country's Eco.
January 17, 2023 / 10:07 AM
Passengers wait to check in at a railway station in Beijing
Sharjah24 - Reuters: Urban workers crammed train terminals in China's biggest cities on Tuesday as the nation's mass migration for the Lunar New Year holidays kicked into high gear. This is an early indicator of economic recovery as officials acknowledged a historic drop due to COVID-19 limitations.
The world's second-largest economy slowed sharply in the fourth quarter, data showed on Tuesday, dragging 2022 growth down to one its worst performances in nearly half a century after three years of COVID restrictions and lockdowns.
With mass travel for the Lunar New Year possible for the first time in nearly three years after the relaxing of some of the world's tightest COVID curbs, the economy stands to gain from hundreds of thousands of people a day spending more as they return to China's hinterland.
While many analysts say a return to economic normality will be gradual as the impact of COVID weakens, some see the Lunar New Year as a welcome early consumption boost.
"Peak infections passed in major cities in January, and with the Spring Festival coming, tourism is back, and the signs of a recovery in consumption are obvious," said Nie Wen, a Shanghai based economist at the investment firm Hwabao Trust.