Consumption jumped during the just-ended Lunar New Year holidays.
| China’s cabinet said it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV has reported, at a time of cooling global demand as major economies teeter on the brink of recession.
During the week-long Lunar New Year holiday that ended on Friday, consumption increased 12.2 per cent from the same period last year, the tax authority said, reflecting a rebound after the relaxing of some of the world’s tightest COVID-19 curbs.Analysts at Japanese brokerage Nomura said in a research note on Saturday that consumption of in-person services had recovered notably, as seen in the rebound of trips made and tourism earnings.
During the holiday, tourist spots were swamped, movie theatres were packed and fireworks displays lit up the night sky as China celebrated the Lunar New Year with an abandon that marked the end of its three-year COVID-zero experiment.
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