Asia Pacific Economic Research03 January 2024J P M O R G A Nwww.jpmorganmarkets.comEmerging Markets Asia, Economic and Policy ResearchTingting Ge(852) 2800-0143tingting.ge@jpmorgan.comHaibin Zhu(852) 2800-7039haibin.zhu@jpmorgan.comGrace Ng(852) 2800-7002grace.h.ng@jpmorgan.comJi Yan(852) 2800-7673ji.yan@jpmorgan.comJPMorgan Chase Bank, N.A., Hong Kong BranchAs we enter 2024, we launch the alternative high-frequency data tracking for China, a continuation of the reopening trackers chartpack (last update on December 14). We summarize key takeaways of major economic indicators, the influenza situation, and New-Year�s Day holiday tourism. •Daily average domestic passenger flow reached 42.7mn person-time, rising 78.4%oya. 5.2 million entry and exit trips were made during the three-day holiday, 4.7 times the 2023 level and largely back to the 2019 level.•The number of tourists totaled 109.4% of the 2019 level, while tourism revenue reached 105.6%. Tourism expenditure per capita ticked lower to 97% of the 2019 level (vs. 98% for the 2023 National Day holiday).•40 major cities� new home sales fell 26% during the three-day holiday, with a modest 3% fall in Tier 1 cities supported by 26% growth in Beijing, a 17% drop in Tier 2 cities and a 50% decline in Tier 3/4 cities. •Influenza cases in Beijing declined, while share of influenza-like illness cases in total outpatient cases stayed elevated in both northern and southern China.•CGB issuance reached 850bn yuan in December, with muted LGB issuance (92bn yuan for special LGB and 23bn yuan for refinancing LGB).•Flight execution of international flights exceeded the 2019 average. Outbound flights to major destinations are scheduled to pick up into end-January, led by ASEAN and ANZ. •Growth of departing/arriving container and bulk ships� deadweight tonnage all moderated in December after the solid rebound in November.•30 major cities� new home transactions declined 11.5%oya in December, while 8 major cities� secondary home sales continued to outpace 2022. •As of December 24, auto retail sales rose 7%oya and NEV retail sales rose 22%.•Wholesale pork prices declined 31.1%oya (vs -39.9% in November).757685667673828584989760708090100Labor DayDragon BoatNational DayLabor DayDragon BoatNational DayNew Year's DayLabor DayDragon BoatNational DayNew Year's Day2021202220232024Source: Ministry of Culture and Tourism, J.P. MorganHoliday tourist expenditure per capita% of 201931.35.819.46.218.54.210.83.5-60-40-2002040608005101520253035TotalTier 1Tier 2Tier 3/42023 National Day2024 New Year's Day2023 National Day (%oya, RHS)2024 New Year's Day (%oya, RHS)'0000 sqm, daily avgMajor cities' holiday new home salesSource: CREIS, J.P. Morgan%oyaSee page 11 for analyst certification and important disclosures.China alt-data trackers chartpack (Series 1)2024 New Year Edition2Tingting Ge (852) 2800-0143tingting.ge@jpmorgan.comJPMorgan Chase Bank, N.A., Hong Ko...
