China’s renewed economic growth will have a positive impact on the global economy in 2023. As the world’s second-largest economy, China’s performance significantly impacts the rest of the world, and its recent rebound has raised optimism about global growth prospects. Additionally, the country’s pent-up travel demand was unleashed during the seven-day Chinese New Year holiday, with very high numbers of travelers returning from abroad.
During the Spring Festival holiday, 308 million domestic trips were made during the holiday week, about 90 percent of the 2019 figure. Outbound flight bookings increased 6.7 times over from 2022. Over 90 percent of Chinese cinemas have reopened, and box office receipts throughout the vacation scored over 6.7 billion Chinese yuan ($990 million), the second-highest holiday gross to date. China’s January box office receipts exceeded 10 billion yuan ($1.47 billion), an all-time monthly record.
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