China’s revenge tourism to boost economy picks up over Golden Week
Deccan ChronicleShanghai: Chinese domestic tourism saw a robust rebound over the just-ended Golden Week holiday, encouraged by China’s success in stamping out the novel coronavirus, although levels were still well short of last year. That, however, marked an improvement from China’s last long holiday period over May 1-5 for Labour Day, when 115 million domestic tourists travelled and tourism revenues were only 47.56 billion yuan. Still, the October Golden Week figures undershot last year’s levels, even though the holiday period was extended this year by a day as it overlapped with China’s mid-autumn festival. “Tourism revenue during the holiday period only rebounded to 69.9% of last year,” she said, noting core inflation trended lower year-on-year to 0.5% growth in July and August, the lowest level since 2010.” The soft CPI growth suggests domestic demand remained fragile.