Chinese Travel Industry Stocks Take Off After Quarantine Rule Change
Stock investors have warmed to China’s tourism industry, with shares of some bigger names in the business rising 10% or more since Tuesday, when the government made a surprise announcement to cut the amount of time arriving overseas travelers have to spend in quarantine.
The surge in share prices reflects some newfound optimism in an industry that has been battered by the pandemic as China largely closed its borders to international travelers and at times imposed domestic travel restrictions on people from areas hit by outbreaks of Covid-19. “This policy change offers a glimmer of hope that China will open up its border to tourism,” said Gao Peng, a senior industry insider.
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