Chinese stocks improve with the relaxation of few domestic travel rules

 Friday, July 1, 2022 


Chinese stocks improved once again with the relaxation of few domestic travel rules and it further bettered the prospects for the country’s economic revival.

Shares of hotel operators, airlines and airport operators witnessed huge gains in the market. The sanguinity, in conjunction with data exhibiting a growth in the formal manufacturing purchasing managers index for the month of May, witnessed the standard CSI 300 Index go up 1.4%. It has increased in five of the previous six sessions.

The industry ministry of China got rid of putting an asterisk on the travel history of people’s cards if their records in the preceding 14 days included cities selected as medium or high in Covid risk. Some local governments had even brought restrictions on visitors with the asterisk. As per a report, Shanghai will slowly reopen museums, art galleries and places of tourist interest with effect from July 1.

Banny Lam, who is the head of research at CEB International Investment Corp., said that they expect the speed of activity stability to gain more vigor in the coming days, and it will even out the growth impetus. Constructive growth attitude increases investors’ hopefulness, thus leading to the betterment of the equity market, said Lam. China’s decided earlier this week to decrease quarantine period for inbound travelers by half, and it is the biggest change till now in its Covid-Zero rule.

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