During these trips, Chinese tourists spent 148 billion yuan
($21.42 billion) in total, a 128.9% increase from a year
earlier, and on a par with 2019 levels.
The figures from this year's May Day holiday - the first
travel season since the pandemic without restrictions - are
being monitored as a gauge of China's economic health.
Asset manager Vontobel said it believes China's recovery should accelerate, benefiting companies that cater to domestic consumers across leisure and e-commerce, as well as travel-focused businesses in China and across Asia. The travel boom during the May holiday "can be seen as a turning point of China's tourism sector", official Xinhua News Agency said on Wednesday. The China Tourism Academy estimates that about 4.55 billion domestic tourist trips will be made this year, up 73% from 2022, Xinhua reported.
The Ministry of Culture and Tourism said on Wednesday that
it had launched a month-long campaign during the holiday to
promote domestic travel and leisure, and local governments are
also making efforts to boost consumption.
($1 = 6.9110 Chinese yuan renminbi)
(Reporting by Shanghai Newsroom; editing by Barbara Lewis)
