China's Lunar New Year Travel Spending Surpasses Pre-COVID Levels, Signaling Consumption Revival

China's Lunar New Year holiday saw a surge in travel activity and spending, with 474 million domestic trips and 632.7 billion yuan ($87.95 billion) spent, surpassing pre-pandemic levels. This signals a potential revival in consumption in the world's second-largest economy. However, analysts caution that the strong data may reflect pent-up demand and a low base from the previous year, and the sustainability of the travel bump remains uncertain. Policymakers in China have been working to boost domestic consumption amid deflationary pressures, and market participants are watching for potential stimulus measures to support the economy and spending.