NEW YORK, Aug. 26 (Xinhua) -- China's domestic tourism, a key indicator of retail spending, is on track to make a comeback from the pandemic lows, CNBC has reported.
The increase in holiday bookings has indicated that tourism spending would be recovering in the second half of the year, Fitch Ratings was quoted as saying on Aug. 15.
This buoyancy comes after tourism revenue in China hit a trough in the first half of 2022 and fell by nearly half compared to the same period in 2019 before the pandemic struck, Fitch added.
"A slow recovery in the tourism sector has put a drag on the economy given its large contribution, accounting for around 11 percent of GDP and 10 percent of national employment in 2019," China-based Fitch Ratings analysts Flora Zhu and Jenny Huang said in a note.