In respite to policymakers, China’s travel spending during Lunar New Year surpasses pre-Covid levels

The holidays, also known as the Spring Festival in the country, are traditionally the time when millions visit their hometowns by different means of transportation, such as air, road, and train.

International travel in China has witnessed around 13.52 million inbound and outbound trips during this year’s holiday. According to the National Immigration Administration, this marked 2.8 times more than that of the same period last year.

Besides travelling, watching movies is one of the most common and popular activities of entertainment during the festivities in the country. According to the China Film Administration, the country’s box office revenue has exceeded 8 billion yuan over the past eight days of the holidays. It also marked a new record as per the administration.

Currently, the Chinese economy has been grappling with several challenges, including the property downturn and a significant reduction in demand since last year, reported Reuters. These challenges have also forced policymakers to cut down the interest rates to ignite growth. The authorities are striking a delicate balancing action to support the economy when the signs of deflationary pressures are calling for more stimulus measures.

On Sunday, China’s central bank kept a key policy rate unchanged while rolling over the maturing medium-term loans, Reuters reported.