Consumers, one of the key drivers powering China’s economic rebound, have regained confidence and are spending at levels seen before the outbreak of the COVID-19 pandemic.

The rapid spread of COVID-19 has led to uncertainty and loss of confidence unseen since 2008. The market volatility has also risen extremely fast to a level unseen over the last decade. Even against this unfavorable environment, there are sectors that have taken a disproportionate hit, including tourism, passenger transportation, airlines, hotels — practically everything that has a built-in key cross-border dimension.