China’s Year of the Dragon opened with a surge in consumer spending and travel during the holiday period, marking a boost for the country’s sagging economy.The country’s culture and tourism ministry said there were 474mn domestic trips during the eight-day lunar new year festival, up 34 per cent year on year and 19 per cent on pre-pandemic levels in 2019.

This Chinese new year, with official holidays ending on Sunday, was the first in five years to be unaffected by the coronavirus pandemic or related restrictions, making it an important barometer of consumer sentiment.

Chinese policymakers hope domestic demand will help to get the moribund economy back on track, with a property crisis and weak investor confidence weighing heavily on activity.