As the new year approaches, experts note that China’s economy remains on an accelerated recovery path. China’s tourism sector plays a major role in this recovery. Moreover, new growth drivers are continuously emerging which keep fueling the momentum into 2024.
A media report, compiling data from major travel platforms, indicated a comprehensive recovery in domestic and cross-border tourism in China.
Increase in total travel bookings
As of December 15, total travel bookings for the New Year holiday had more than tripled compared to the previous year. Moreover, the report recorded a notable increase in hotel bookings of more than five-fold. Airline ticket bookings also saw a remarkable growth of 205 percent year-on-year, based on data provided by online travel agency Trip.com on Monday.
China’s tourism sector showed a noticeable recovery throughout the year, especially with the accelerated integration of “culture, sports, and tourism”. Experts stated that new business patterns are emerging. They are well-received by consumers and are expected to further drive China’s economic recovery.
Chinese service industry
According to the National Bureau of Statistics (NBS), the service industry witnessed rapid growth in November. It recorded an annual growth of 9.3 percent on the national service production index. That is a 1.6 percent increase compared to the previous month.
In the first three quarters, China’s total retail sales of consumer goods reached 34.2 trillion yuan or $4.79 trillion, up 6.8 percent year-on-year. Moreover, final consumption expenditure contributed 83.2 percent to the economic growth in the first three quarters and 4.4 percent to GDP growth. Additionally, NBS data revealed that in the third quarter alone, final consumption expenditure contributed 94.8 percent to economic growth.
Promoting cross-border flights
In addition to the boom in domestic tourism and consumption, China has also made concrete efforts to boost cross-border travel this year. It has improved entry and exit procedures to unilaterally expand the list of countries eligible for visa-free access.
At the same time, Chinese tourists have become an important source of visitors to many international tourist destinations. Experts stressed that as China continues to deepen its opening-up policies, its domestic and foreign tourism will serve as important forces in promoting the recovery of the international tourism industry.
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