Tourism, a new driving force in China

Tuesday, March 6, 2018

China shows growth in tourism and is fast emerging as a new driving force for the world’s second largest economy.

 
In 2017 China’s domestic tourism industry earned 4.57 trillion yuan (720 billion U.S. dollars) with 5 billion domestic trips in 2017 which was 15.9 percent and 12.8 per cent as revealed by the China National Tourism Administration (CNTA).

 
According to preliminary statistics the industry contributed 9.13 trillion yuan to China’s GDP, accounting for 11 percent of economic output.

More than 1,000 exhibitors from over 50 countries attended the three-day Guangzhou International Travel Fair last week and the new consumption caught the eye of the global investors.

According to the first policy statement of the year released by the central authorities Rural tourism has been stressed as a crucial part of China’s strategies of rural vitalization and coordinated regional development.

 
As per official data showed 2.5 billion trips were made in rural China in 2017, and its tourism consumption topped 1.4 trillion yuan. The sector helped in eliminating poverty and increase  in people’s wealth.

The Agricultural Development Bank of China is to support infrastructure construction and village-included programs in 500 scenic spots from 2016 to 2020 to support tourism programs in poverty-stricken areas.

 
China CITIC Bank  is expected to make 200 billion yuan of tourism investment, targeting rural tourism demonstration programs which will help in reducing poverty.
While promoting agricultural transformation and upgrade,
China’s tourism industry is playing an important role in the country’s supply-side structural reform, with “all-for-one” tourism a booster and is promoting agricultural transformation and upgrade.

All-for-one tourism is based on the concept highlighting the integration of tourism resources with other industries. It was included in the government work report in 2017, catering to the country’s growing demand for tourism products and services and to facilitate economic transition.

 
Li Jinzao, CNTA head said that China will pursue high-development in its rural tourism and implement the rural vitalization strategy and poverty elimination target.
China is targeting at earning 5.98 trilion yuan in tourism industry in 2018 that would reflect an increase of 13 percent in 2017.

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