China's A-share markets opened high on Tuesday following a strong recovery across the domestic tourism industry over the Qingming Festival holidays.
The benchmark Shanghai Composite Index rose 0.21 percent on Tuesday, while the Shenzhen Composite Index grew 0.38 percent. The NASDAQ-style board ChiNext increased 0.46 percent.
"The tourism recovery during the Qingming Festival holidays was unexpected, with the recovery level even surpassing that of 2019, laying a solid foundation for China's economic recovery, in particular, the consumption revival, in post-COVID era," Dong Dengxin, director of the Financial Securities Institute at Wuhan University of Science and Technology, told the Global Times on Tuesday.
According to the data of the Ministry of Culture and Tourism, 102 million domestic trips were made during the holidays, an increase of 144.6 percent year-on-year and a recovery to 94.5 percent of the same period before the COVID-19 epidemic. Domestic tourism revenue reached 27.168 billion yuan ($4.14 billion), up 228.9 percent year on year, and recovered to 56.7 percent in the same period before the epidemic.
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