The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
As China's Golden Week kicks off on October 1, Chinese travelers are flocking to Europe and other international destinations in one of the strongest travel rebounds since the country reopened its borders. According to Qunar and Trip.com, two of China's leading online travel agencies, bookings for overseas flights and hotels have more than doubled from last year. Notably, Europe has emerged as a top destination, with overseas car rentals surging by more than 150% and cruise vacations skyrocketing seven-fold, as reported by Fliggy, Alibaba Group’s travel arm.
While Asia remains a favorite, with destinations like Japan and Malaysia seeing high demand, many Chinese tourists are opting for long-haul trips to locations such as Belgium, Croatia, the Nordic countries, and the United Arab Emirates. "We expect this Golden Week to approach pre-pandemic travel levels," noted Dragon Trail International, a firm that monitors Chinese travel trends.
The recovery of Chinese tourism is a key metric for the global travel industry, as Chinese tourists accounted for 14% of global tourism spending before the pandemic. Despite international travel still lagging slightly behind 2019 levels, Kuala Lumpur has seen a 142% increase in visitors, while other visa-free destinations like Hong Kong, Macau, and Singapore are experiencing double-digit growth, according to ForwardKeys.
Shifting away from large group tours, Chinese travelers are now opting for more intimate trips to less crowded locales, such as Yokohama and Takayama in Japan. Additionally, nature and wellness destinations, including Phu Quoc island in Vietnam and the hot spring town of Higashizu in Japan, are gaining popularity.
Domestically, over 1.94 billion trips are expected on the mainland, a nearly 20% jump compared to 2019, with many travelers using cars and high-speed rail to explore local destinations.
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