Wang Tao: Economic Activity Gains Ground During Holiday, but Nowhere Near Pre-Covid Levels

Children take in the river lanterns Tuesday in Huzhou, East China’s Zhejiang province. Photo: VCG

High-frequency data around Lunar New Year (LNY) holidays showed that economic activity was much better than it was in 2022, but some indicators were still well below pre-Covid 2019 levels.

As China removed most of its Covid restrictions and infections have likely already peaked, economic activity (especially consumption and services) recovered significantly in early January after a subdued December.

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: Wang Tao

Wang Tao is the head of Asia economics and chief China economist of UBS Investment Bank.