Nearly a dozen major Chinese cities are reporting a recovery in subway use, a sign that an “exit wave” of Covid infections may have peaked in some urban areas.
More and more people are taking the subway in 11 of China’s biggest cities, with Shanghai, Guangzhou, Shenzhen, and Nanjing among the latest metropolises to report a rebound in trips over the last week. This comes after places such as Beijing, Zhengzhou and Chongqing, which had already seen subway usage and traffic congestion increasing from a trough reached around mid-December.
The rise is evidence to support an official statement on Sunday that the Covid outbreak has peaked in the southern manufacturing hub of Guangzhou, where the numbers of patients at fever clinics have been declining since December 23. Last week, health authorities said infections have peaked in Beijing, Tianjin and Chongqing.
The Hang Seng China Enterprises Index, which tracks Chinese stocks listed in Hong Kong, reversed earlier losses to gain as much as 1.9 percent on Tuesday, on course for its best start to a year since 2018. The onshore yuan also strengthened to a four-month high as traders bet on a further recovery in China’s economy.
Although more people are moving around, they’re not spending freely just yet. Moviegoers have slowly been returning to theaters, but the national box office during the three-day New Year public holiday that just finished was only 554 million yuan , down 46 percent from the 1.02 billion yuan in the same period in 2022, according to data from online ticketing platform Maoyan Entertainment.
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