China hopes to turn its outbound tourists homewards for economic success

Published on : Thursday, March 17, 2016

The Great Wall of ChinaThe Chinese government has declared that it will be focusing on Chinese tourists to invest inbound rather than Chinese going and spending elsewhere. Australian tourism which largely depends on Chinese tourism seems rather worried by this decision as Australia received more than a million Chinese tourists in the last financial year.

 

 

There are apprehensions that The Chinese communist rulers, reluctant to cut taxes could erect barriers to overseas tourism in an effort to boost domestic spending.

 

 

A Chinese tourist spent two trillion renminbi overseas last year, that’s like $US300 billion ($A400 billion), and it is being thought that if this money was spent in China, it would benefit the Chinese economy more. Japan which is being termed as an enemy of China also benefits from the great spends showered by Chinese tourists.

 

Former Morgan Stanley chief economist Andy Xie feels optimistic about the long term health of the Chinese economy, and the boost that would give Australian tourism.”In the short term, we need to be a bit cautious and we know the market is going to change, but in the long term we can all be very positive.”

 

 

An IBISWorld report in November said Chinese travellers outspent visitors from the United Kingdom by 50 per cent in the last financial year, while the lower Australian dollar is helping boost spending by overseas tourists.

 

The millennial trend of travelling will be quite different from the old people. So the traveller experience in Australia will be dramatically different from the past years where they will be more concern on saving money than spending. More and more young travellers will be travelling from China to Australia and other places. So travel spending will take a different turn in the next 10 years.

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