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China’s virus restrictions disrupted another period of holiday spending, worsening the growth prospects for the world’s second-largest economy, which was already facing lower consumption.
Travel during the three-day Mid-Autumn Festival holiday was 87% of the level recorded during the same period in 2019, with 88.2 million trips, according to the Culture and Tourism Ministry. the data showed. Tourism revenue reached 79% of 2019 level, suggesting consumers were not confident spending or taking trips for less.
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