Since the lifting of its zero-COVID policy in December last year, economic activity has been set abuzz and local demand is expected to be a key driver of growth this year.
in December last year, economic activity has been set abuzz and local demand is expected to be a key driver of economic growth this year.Movie theatres, for instance, have seen a robust rebound, as people flocked to the cinemas after a year of on-and-off lockdowns.
Theatres sold 201 million tickets in total, earning more than 10 billion yuan , according to local Chinese media."Normally, the number of film-goers in the afternoon is not satisfactory – about 5 per cent. Now the number of people in the afternoon is about 15 per cent, which is our ideal number and it is slowly increasing," said Lu Ying, manager of UME Cinemas’ Shanghai Xintiandi branch.
But despite the positive outlook, some business owners on the streets of Shanghai are still not seeing adequate footfall, and are choosing to remain cautious. "I can’t say that we can go back to times. Because a lot of foreigners have left," said Mr Huang Sheng, the co-founder of Icy Gelato.Analysts expect the government to prioritise growth above all else, including over competing policy objectives such as regulatory reforms and reducing carbon emission.
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