Pepe de la Cajiga surrounded by businessmen
Pepe de la Cajiga in Dubai
Pepe de la Cajiga in a commercial mission from BBVA bank
Pepe de la Cajiga: The relaxation of COVID restrictions in China can mean a great opportunity for tourism in Oaxaca.
China was the country that brought the most tourists to the planet. The emergence of COVID coupled with the Zero policies of the Chinese Government were a hard blow to tourism on the planet and Mexico"
— Pepe de la Cajiga
OAXACA, Mexico, May 31, 2022 /EINPresswire.com/ -- Chinese tourism authorities on Tuesday eased a rule on the suspension of certain tourist trips in areas where COVID-19 cases are detected, as part of the country's measures to make its response to the virus more specific.
"Before the pandemic, China was the country that brought the most tourists to the planet. The emergence of COVID coupled with the Zero Covid policies of the Chinese Government were a hard blow for
Tourism is one of the sectors most affected by China's "zero COVID" policy, which calls for detecting and containing every outbreak of the virus as soon as possible. Travel policy involved various restrictions on non-essential movements of people when a regional outbreak was detected.
The Chinese economy saw a first improvement in May, thanks to declining coronavirus cases and easing restrictions, but manufacturing and services activity continued to contract, and future recovery remains vulnerable, analysts say.
Activity in both sectors rose in May, according to purchasing managers' indices (PMIs) released on Tuesday, but both readings remained below the 50 mark that separates expansion from contraction.
The manufacturing PMI beat expectations and rose to 49.6 from 47.4 in April, according to the National Statistics Office (ONE), while the non-manufacturing index that measures business sentiment in the services and construction sectors rose to 47.8 in May from 41.9 in April.
Within the official non-manufacturing PMI, the construction sub-index fell to 52.2 in May from 52.7 in April, while the services sub-index rose to 47.1 from 40.
The biggest uncertainty remains whether the Omicron variant will be repeated and how the government will respond, that is the main concern of the market.
Zhang Zhiwei
"PMIs below 50 indicate that the economy continues to slow down, despite the improved pace of slowdown," said Zhang Zhiwei, chief economist at Pinpoint Asset Management.
"Some local governments are gradually improving the efficiency of the logistics system, and this could help the economy take a favorable turn by a small margin."
"In the coming months, the economy is likely to improve, thanks to factors such as the reopening of Shanghai, and the PMI will likely rise above 50. But the biggest uncertainty remains whether the Omicron variant will be repeated and how the government will respond, that's the main market concern."
Within the official manufacturing PMI, the output sub-index rose to 49.7, up from 44.4 in April, with the gradual resumption of manufacturing activities around the Yangtze River Delta as Shanghai lifts its blockade on Wednesday.
Demand also improved, as the new orders sub-index rose to 48.2 from 42.6 in April, while new export orders rose to 46.2, up from 41.6 the previous month.
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"The survey results show that a number of recently introduced policies to ease logistics and blockades in industrial chains have been effective. In May, the proportion of companies reporting logistical blockades was 8 percentage points lower than last month," said NBS chief statistician Zhao Qinghe.
"As for market expectations, the index of expectations of business activity is 55.2%, 2.2 percentage points more than the previous month, which indicates greater confidence of companies in the service industry, since the pandemic is effectively controlled and various policies and measures have been applied to stabilize growth, market and employment entities."
However, Nomura analysts believe that strong export growth from new orders over the past two years will remain weak in the coming months.
The recovery is likely to remain tepid amid weak external demand and labour market tensions.
Sheana Yue
"The employment sub-index recovered only very marginally, to 47.6 in May, from 47.2 in April, and has been in the contraction zone for 14 consecutive months now, indicating that the relaxation of nationwide closures has not yet translated into a material improvement in the country's labor market, which was already in a state of sluggishness before the last wave of Omicron," said Nomura analysts led by Lu Ting.
"The commodity inventories sub-index rebounded slightly to 47.9 in May, from 46.5 in April, pointing to demand for replenishment of stocks remaining weak."
This rule is less strict than the previous one, which forced travel agencies in an entire province to suspend group tourist trips between provinces if any small area of it happened to have a high or medium risk of contracting the virus.
"In principle, there should be no 'one size fits all' policy for the entire sector," the Chinese Ministry of Culture and Tourism wrote alongside the new guidelines.
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