China's economy is turning around, but there are cautions about spending
Chinese people are returning to travel and shopping, but they are still spending cautiously. Record numbers of people travelled by rail during the Lunar New Year, and spending at hotels and duty-free shops increased. People are now spending more on experiences than on products—such as travel, entertainment and theme parks. The government is providing gradual, targeted support, not a major stimulus. Overall, China's economy is returning, but not quite back to normal. Whether there will be a major stimulus or not will be determined by Premier Li Keqiang's announcement on March 5.
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