China Is the recovery in China reversing?

Concerns over a second Coronavirus wave in China and the tightening of restrictions on movement in some areas appear to be accompanied by a reversal in the recovery of travel.

17 Apr 2020
  • After bottoming in mid-February, travel between provinces in China recovered steadily until late March.
  • Movement went from being down ~25% y/y on April 1 to down ~50% y/y on April 6.
  • In year-over-year terms, traveler numbers are now back where they were in late February.

China Provinces: Year-Over-Year Migration Growth in 2020

Source: UBS Evidence Lab, Baidu