China’s economic recovery revs up with Ching Ming Festival

China’s economic recovery is gaining momentum, driven by a boost in domestic travel and spending during the recent Ching Ming Festival. The three-day holiday saw a surge of over 10% in domestic travel and spending from pre-pandemic levels.

The Chinese Ministry of Culture and Tourism confirmed that over 119 million domestic trips were recorded, exhibiting an increase of 11.5% compared to the same period in 2019.

Domestic travel revenue reached a total of 53.95 billion yuan (about US$7.61 billion), which is a rise of 12.7% from the pre-pandemic year. This increase in tourism and consumption is crucial for China’s post-pandemic economic recovery, especially considering the ongoing property sector crisis and faltering confidence among private sector and foreign investors.

The Ching Ming Festival, also known as the tomb sweeping festival, is a…