(MENAFN) China's civil aviation regulator has reported a remarkable recovery in air travel, indicating a 252 percent increase in the number of air passengers in October compared to the same period the previous year. The surge propelled the total number of air passengers to 56 million for the month. Notably, the cumulative figure for air travelers in 2023 has surpassed 520 million, according to data released by the Civil Aviation Administration of China.
The positive trend in travel movement within China is attributed to the relaxation of strict measures implemented to combat the COVID-19 pandemic. While the nation has made significant strides in restoring mobility and economic activities, challenges persist for the world's second-largest economy in achieving a robust recovery. Factors such as distress in the housing market, local government debt risks, a slowdown in global growth, and geopolitical tensions have contributed to a dampened economic momentum.
Despite China's proactive implementation of numerous policy support measures in recent months to revive its economy post-pandemic, the results have been modest. The need for further stimulus is underscored by the ongoing challenges, putting pressure on authorities to introduce additional measures to stimulate economic growth. The effectiveness of the policy support measures, while marginally helpful, has not been sufficient to counterbalance the broader headwinds facing China's economic landscape. The country continues to grapple with finding the right balance and addressing various challenges to ensure a sustained and robust recovery.
MENAFN21112023000045015682ID1107463567
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.