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Published on : Tuesday, June 7, 2022
Tourist trips and profits from tourism dropped from a year before during China’s three-day holiday of the Dragon Boat Festival which ended yesterday on June 5.
This drop willunderlinethe concerns that are surrounding China’s economic growth outlook as it aims to get back from all disturbances this year concerning the country’s zero-Covid lockdowns in Shanghai and other important cities which extended to as long as two months at a stretch.
During this year’s Dragon Boat Festival,China witnessed a total of 79.6 million domestic tourist trips, said the Chinese Ministry of Culture and Tourism.
Without a year-on-year contrast, last year tourist trips during the Dragon Boat Festival totaled more than 89 million, which means that there is an approximately 10% drop in visitors this year.
Income from domestic tourism this year during the holiday is 25.8 billion Yuanor around $3.8 billion. This is about 12% less compared to the 29.4 billion Yuanof the 2021 totalspending.
The US traded shares among huge Shanghai headquartered travel companies dropped on Friday.
Trip.com, which is China’s biggest online travel company, dropped 1.8% to $21.73.Huazhu, which is the hotel chain chaired by billionaire Ji Qi, dropped to 1.2% to $21.08.GreenTree Hospitality Group, which is a smaller hotel chain, lost 0.8% to $3.84. China Eastern, which is the big state-run flight, lost 0.9% to $17.51.