China’s lackluster domestic tourism sales during the Golden Week holiday this year casts a dark cloud over the economy, says ywchen1
A tourist sits facing the Taiwan Strait at the 68-nautical-mile scenic spot, one of mainland China's closest points to the island of Taiwan, in Pingtan island, Fujian province, China August 5, 2022. REUTERS/Aly Song
HONG KONG, Oct 10 - China’s lackluster Golden Week holiday this year casts a dark cloud over the economy. Domestic tourism sales during the country’s annual spend-and-travel blitzto $40 billion, less than half of pre-pandemic levels. Wealthier regions might get a welcome spending boost from shoppers that stayed put, but the sector drives nearly 30% of Chinese consumption.
The weeklong National Day holiday, which falls every year on Oct. 1 to mark the founding of Communist China, is the most popular holiday for Chinese consumers and travelers. Before the pandemic, domestic tourists splurged some 650 billion yuan during the 2019 Golden Week – over a quarter more than during the Chinese New Year festival.
This year’s dreary figures are not surprising. Beijing’s draconian zero-Covid measures have been scaring off domestic tourists. An August outbreak in the tropical island of Hainan, the country’s answer to Hawaii, resulted in some 80,000 visitors stranded. Last week, Xishuangbanna, a popular Chinese destination bordering Laos and Myanmar, went into sudden lockdown after 27 Covid-19 cases were found.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Stocks Drop 2%; China Markets Lower After Golden Week HolidayShares in the Asia-Pacific fell on Monday, with Hong Kong’s Hang Seng leading losses.
Read more »
Morning Bid: China back for dollar thwackAsian trade could be more volatile than usual as China reopens after the Golden Week holiday.
Read more »
BTOB’s Yook Sungjae And DIA’s Jung Chaeyeon Share A Heartbreaking Kiss In “The Golden Spoon”Get ready for both romance and heartache on the next episode of “The Golden Spoon”! Based on the webtoon of the same name, “The Golden Spoon” is a new MBC drama about a student born into a poor family who uses a magical golden spoon to swap fates with a friend born into a wealthy
Read more »
Persona 4 Golden and Persona 3 Portable Ports Get Release DateThe upcoming releases of Persona 3 Portable and Persona 4 Golden to modern platforms finally has a release date, with Atlus confirming a date.
Read more »
Persona 4 Golden and Persona 3 Portable hit modern consoles in JanuaryThe two JRPGs are coming to the Xbox Series X|S, Xbox One, Nintendo Switch, PS5, PS4, and PC on January 19th, 2023
Read more »