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China's COVID outbreak hitting services sector, travel, hospitality

08/12/2021| 2:18:14 PM|

China's overall scheduled air capacity fell 31.9% over the last week.

China's tighter social restrictions to fight its latest COVID-19 outbreak, now in its fourth week and involving more than a dozen cities, are hitting the services sector especially travel and hospitality in the world's second-largest economy.

China has refrained from full lockdowns of major cities such as those seen during the early days of the COVID-19 outbreak in Hubei province, to avoid totally paralysing the economy.

"The current wave has led to the re-imposition of much tighter social distancing measures, which would significantly hurt the transport, tourism, and other service sectors," Citi analysts wrote in a note on Wednesday.

"We now expect full recovery of the service sector to be further delayed to the fourth quarter."

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TAGS: China | travel | hospitality
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