Tourism platform Trip reports China's market rebound

China's tourism market has a strong start and the domestic hotel and travel business has rebounded to surpass the pre-pandemic level in 2019, said China's biggest tourism platform Trip.

Trip, formally known as Ctrip, posted a revenue jump of 124 percent in the first quarter and expected a strong rebound and recovery in 2023.

"People gradually shake off the negative effects of the pandemic and restart their journeys to explore the world," chairman James Liang said in a phone conference on Thursday. "We remain confident in the long-term outlook for the travel industry and the future opportunities.

In the first quarter, Trip's net profit reached 3.4 billion yuan (US$476 million), compared with a loss of 1 billion yuan last year. The revenue hit 9.2 billion yuan, marking 124 percent growth year on year, according to HK-listed Trip.

Domestic accommodation, transportation, packaged tours and business travel all rebounded in the quarter, with revenue growth between 100 and 211 percent, Trip reported.

Based on strong demand over the Labor Day holiday in May and the coming summer peak season, Trip expected the whole year tourism demand would fully recover in 2023.