According to Reuters, China’s Ministry of Culture and Tourism announced that the number of tourist trips fell 16.7% in the three-day Mid-Autumn Festival compared to last year.
This caused China’s tourism industry to lose 22.8% of its income and only collect 28.68 billion yuan ($4.14 billion) during these holidays.
The reason for this loss of revenue is said to be the Chinese Communist Party’s Zero-COVID policy which takes lockdown as the primary anti-pandemic measure.
Mid-Autumn Festival is a typical family celebration, but many Chinese families could not meet this year. COVID has not shown any signs of being extinguished, although China’s regime has used the most draconian measures to achieve Zero-COVID.
As Da Ji Yuan reported on September 13, the pandemic in Beijing has spread to Hebei Province, and this province has locked down two localities.
Reuters reported that authorities asked Chinese people to minimize next month’s trips during the National Day holiday. This will certainly be another blow to the tourism industry’s earnings.
Japanese brokerage and investment bank Nomura wrote in a note on September 13, “We believe travel for family gatherings, tourism and retail sales will be severely hit in coming months including the National Day Golden Week holiday from Oct. 1 to Oct. 7.”
Nomura added, “The worsening tourism data may prompt more cuts of GDP growth forecasts on the Street.”