China’s Golden Week holiday provided some relief for the world’s second-largest economy as it struggles to recover from the coronavirus pandemic but policymakers will have to take action to spur stronger growth, economists say.
Domestic tourism numbers and revenue during the eight-day holiday, which combined the mid-Autumn festival and National Day, were slightly higher than 2019 levels before the pandemic, official figures showed.
But activity in the stricken property market, which analysts say lies at the heart of China’s economic woes, remained lacklustre, with fewer people than expected inspired by the holiday cheer to buy a new home.
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