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A few things regarding China’s struggling economic recovery.

According to information shared on China’s state television network (CCTV), the data related to tourism indicated that there was an increase in travel during the Dragon Boat Festival holiday of June 22-24 compared to 2022. However, the figures were still 22.8% lower than the levels recorded before the COVID-19 pandemic in 2019.

In the meantime, Korean Air Lines and Asiana Airlines have decreased the number of flights to and from China as demand has decreased and relations between the two countries have deteriorated. Yonhap has reported that certain routes will be suspended until the end of October.

The economy’s recovery from COVID-19 is losing momentum in China, and markets are observing data from the country closely for indications of progress. Additionally, markets are paying attention to stimulus measures, such as recent cuts to policy rates like LPRs. Although these cuts were minor, more substantial fiscal stimulus measures would alleviate market concerns more effectively.

Currently, the main concern for China’s leaders seems to be political matters such as their endorsement of Putin and their warnings to Taiwan, rather than their economy.

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