China's non-manufacturing business activity index was 51.4% in February. Consumer demand will be fully released during the Spring Festival in 2024.
Spring Festival consumption is reflected in physical consumption, scenic spot tourism, transportation, culture, sports and entertainment. Full resumption of work and production in March will drive the concentrated release of demand in the construction industry and production-related service industries, laying the foundation for a rebound in non-Manufacturing demand. The economy continues to rise steadily, and the momentum is further consolidated.