"China's Lunar New Year Tourism Spending Surpasses Pre-COVID Levels, Signaling Economic Revival"

China's Lunar New Year tourism spending surpassed pre-Covid levels, reaching 632.7 billion yuan, with 474 million domestic trips taken during the holiday period. Despite the increase in spending, average trip spending was down by around 9.5% compared to 2019, indicating a trend of "consumption downgrading." The surge in spending provides a positive outlook for China's economy, which is facing challenges such as a property market crisis, weak exports, and concerns about falling consumer prices. Additionally, foreign investment in China fell to its lowest level since 1993, according to official data.