According to the Xinhua news agency, the number of tourist trips and tourism income decreased compared to last year during China’s three-day Dragon Boat Festival ended yesterday (June 5).
The decline will highlight concerns about China’s economic growth outlook as it seeks to recover from disruptions this year due to the country’s lockdown in Shanghai and other major cities, which will last two months. (See related post here.)
China made a total of 79.6 million domestic tourist trips during this year’s Dragon Boat Festival, China’s Ministry of Culture and Tourism forecast, the state-run Xinhua news agency reported Sunday.
Xinhua on Sunday did not provide a year-over-year comparison, but the news agency reported in June 2021 that tourist travel during last year’s Dragon Boat Festival was “more than 89 million,” a decline of about 10% this year. .
Domestic tourism revenue during the holidays this year was 25.8 billion yuan, or about $3.8 billion, down from the 29.4 billion yuan reported by Xinhua as total spending for 2021.
US-traded shares of major Shanghai-headquartered travel companies tumbled on Friday. Trip.com, China’s largest online travel company, fell 1.8% to $21.73; Huazhu, a hotel chain led by billionaire Ji Qi, fell 1.2% to $21.08; GreenTree Hospitality Group, a small hotel chain, shed 0.8% to $3.84, while China Eastern, a major state-owned carrier, shed 0.9% to $17.51.
Stock trading on the Hong Kong and Mainland China stock exchanges was closed for the Dragon Boat Festival on Friday and resumed today.
There are many competing explanations for Duanwu Jie, the Dragon Boat Festival, which falls on the fifth day of the fifth month of the Chinese lunar calendar, Smithsonian wrote in 2009. and food are among the most important traditions of Chinese culture. The main elements of the festival, which are now popular all over the world, are racing on long narrow wooden boats decorated with dragons and eating glutinous rice balls wrapped in bamboo leaves, called zongzi in Mandarin and jung in Cantonese.
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Stock exchanges in Hong Kong and mainland China closed due to Dragon Boat Festival