China tourist trips, revenue plummets during Dragon Boat Festival

According to figures from the Xinhua News Agency, tourist travel and tourism revenue fell from a year earlier during the three-day Dragon Boat Festival holiday in China that ended yesterday (June 5). ).

The drop will underscore concerns about China’s economic growth outlook as it seeks to recover from disruptions this year related to the country’s zero-Covid lockdowns in Shanghai and other major cities extending up to two month. (See related article here.)

China recorded a total of 79.6 million domestic tourist trips during this year’s Dragon Boat Festival, according to projections by the Ministry of Culture and Tourism, the official Xinhua agency reported on Sunday.

On Sunday, Xinhua did not give a year-on-year comparison, but the news agency reported in June 2021 that tourist trips during the Dragon Boat Festival last year totaled “more than 89 million which implies a decline of about 10% this year.

Domestic tourism revenue during this year’s holiday was 25.8 billion yuan, about $3.8 billion, about 12 percent lower than the 29.4 billion yuan reported by Xinhua as total expenditure of 2021.

U.S.-traded shares among major Shanghai-based travel companies fell on Friday. Trip.com, China’s largest online travel agency, fell 1.8% to $21.73; Huazhu, the hotel chain chaired by billionaire Ji Qi, fell 1.2% to $21.08; GreenTree Hospitality Group, a small hotel chain, lost 0.8% to $3.84, and China Eastern, the major common carrier, lost 0.9% to $17.51.

Stock trading on stock exchanges in Hong Kong and mainland China was closed for the Dragon Boat Festival on Friday and reopens today.

There are many competing explanations for Duanwu Jie, the Dragon Boat Festival, which falls on the fifth day of the fifth month in the Chinese lunar calendar,” Smithsonian magazine wrote in 2009. “All involve a combination of dragons, spirits , loyalty, honor. and food – some of the most important traditions of Chinese culture. The main elements of the festival, now popular around the world, are the racing of long, narrow wooden boats decorated with dragons and the eating of sticky rice dumplings wrapped in bamboo leaves, called zongzi in Mandarin and jung in Cantonese.

See related articles:

Chinese stocks and Shanghai residents enjoy a big day as lockdowns ease

Communist Party, military themes help Alibaba’s struggling entertainment unit turn a profit

Hong Kong and mainland stock exchanges closed for Dragon Boat Festival

@rfannerychina

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