![]() The next leg of consumption recovery will rely on higher income growth and improved consumer confidence which will make the recovery model more sustainable, Goldman Sachs added.Īsset manager Vontobel said it believes China's recovery should accelerate, benefitting companies that cater to domestic consumers across leisure and e-commerce, as well as travel-focused businesses in China and across Asia. ![]() "This also adds conviction to our above-consensus 2023 GDP growth forecast (6.0%)." "The strong holiday tourism data, together with the still-solid April services PMI, bode well for consumption and services recovery in coming months, despite the softening in manufacturing growth momentum," wrote Goldman Sachs in a note. Official data on Sunday showed activity in China's non-manufacturing sector grew in April, albeit at a slower pace than in March. ![]() ![]() 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. ![]() Travel-hungry Chinese made 274 million domestic trips during the five-day break that began on Saturday, a rise of 70.8% from a year earlier, and 19% more than during 2019, the Ministry of Culture and Tourism said on its website.ĭuring these trips, Chinese tourists spent 148 billion yuan ($21 billion), a 128.9% increase from a year earlier, and on a par with 2019 levels. ![]()
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