About This Source - Bloomberg QuickTake: Now
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Bloomberg QuickTake: Now published this video item, entitled “Golden Week: Half a Billion Travel as China Moves Past Covid-19” – below is their description.
Almost half a billion Chinese people are on holiday during Golden Week, China’s biggest holiday week since January. After more than nine long, housebound months in the coronavirus pandemic, hotel prices shot up, ride-hailing apps crashed, tickets to the Great Wall sold out. With the Covid-19 pandemic largely under control in China, the Golden Week holiday is putting on display the country’s confidence in its economic rebound and its public health measures. Through the first four days of the week-long holiday that started Oct. 1, some 425 million people traveled domestically, according to the Ministry of Culture and Tourism, nearly 80% of last year’s throngs. The surge of activity stands in stark contrast to the rest of the world — the global tourism industry is expected to lose at least $1.2 trillion in 2020 — and underscores the relative strength of China’s economic recovery. As of September, the OECD forecast a 1.8% expansion this year, putting China alone among the Group of 20 on pace to expand. China hasn’t reported any local virus infections since Aug. 15, though it found two asymptomatic cases in late September, and the government has eased almost all of its peak-Covid travel restrictions. The ban on group tours was lifted in the middle of July, every district in every city has been designated ‘low-risk,’ and coronavirus test results are no longer required for cross-province travel.Bloomberg QuickTake: Now YouTube Channel
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