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OIL PRODUCTS: China Forecasts Record Travel Numbers For Lunar New Year: Reuters

OIL PRODUCTS
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China expects an increase in the number of people travelling during the Lunar New Year peak, with authorities estimating a record 9 billion domestic trips to be made over the 40-day festive period, Reuters said.

  • The travel season starts Jan. 14 and people traditionally travel to and from their home towns.
  • Last year, authorities also expected 9 billion domestic trips, but actual numbers fell short with around 8.4 billion total trips logged.
  • Self-driving road trips are likely to comprise around 80% of the trips, followed by train and air travel, NRDC estimates. 90 million plane trips are forecast, a record high.
  • This year’s Spring Festival comes when China’s economy is lacklustre, struggling after three years of pandemic controls and a prolonged property market crisis.
  • China's Manufacturing Purchasing Managers Index fell by 0.2 points to 50.1 in December. Non-manufacturing PMI registered 52.2, up 2.2 points from the previous month.
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China expects an increase in the number of people travelling during the Lunar New Year peak, with authorities estimating a record 9 billion domestic trips to be made over the 40-day festive period, Reuters said.

  • The travel season starts Jan. 14 and people traditionally travel to and from their home towns.
  • Last year, authorities also expected 9 billion domestic trips, but actual numbers fell short with around 8.4 billion total trips logged.
  • Self-driving road trips are likely to comprise around 80% of the trips, followed by train and air travel, NRDC estimates. 90 million plane trips are forecast, a record high.
  • This year’s Spring Festival comes when China’s economy is lacklustre, struggling after three years of pandemic controls and a prolonged property market crisis.
  • China's Manufacturing Purchasing Managers Index fell by 0.2 points to 50.1 in December. Non-manufacturing PMI registered 52.2, up 2.2 points from the previous month.