The pace of China’s service consumption activity is ongoing - evident during the Dragon Boat festival in June 2023 - despite a moderation in tourism spending growth, says Fitch Ratings. Construction activity is slowing due to weak property investment but may re-accelerate in 2H23, driven by stronger infrastructure investment and seasonal demand. Movie box office revenue was on a par with the highest-grossing figure to date during the Dragon Boat holiday, and is likely to hit a new record during the summer holiday, driven by several potential blockbusters. Domestic tourism spending recovery, however, slowed down but ... (full story)