Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

China’s Tourism Revenue Revenue Up 16 Percent

The Chinese tourism industry saw a revenue increase of 15.9% to 423.3 billion yuan ($61.55 billion) during the recent Lunar New Year festival, according to the China National Tourism Administration.

Driven by 344 million domestic tourist visits, the rate of growth was still slightly slower than the rise of 16.3% seen the previous year. CNTA said in a statement that trips abroad over the period increased 7% to 6.15 million outbound Chinese tourists. A total of 697,000 mainlanders also visited Hong Kong, up 3.7% from last year.

The tourist boom spread to the remotest corners of the country. The Islamic regions of Xinjiang and Ningxia saw an increase of 20% and 30% in domestic tourism, respectively. Over the week-long holiday, 1.5 million visitors entered Xinjiang alone, resulting in a shortage of home-stay beds offered by local inhabitants.

Li Hua, director of tourism at Kanas Lake said, ““I have been in the tourism business in Xinjiang for 14 years. This is the first time I encountered such a situation.”

The Tianzhu Mountain park in Anhui exceeded its maximum capacity of 36,000 tourists a day, reaching 850,000 visitors on the first day of the holiday week. In the Hunan province, Zhangiajie received such an influx of visits that the provincial tourism authority issued an urgent notice to all tourist facilities, asking them to not oversell tickets.

China’s tourism industry is an indicator of how strong consumer spending is. It is also a critical component in the country’s shift toward an increasingly services-driven economy. Xeinhua, the official news agency, stated Beijing’s goal to raise the domestic sector’s revenue from 3.9 trillion yuan to 7 trillion yuan by 2020.

According to a five-year tourism plan, investment in the tourism sector is expected to grow to 2 trillion yuan. By 2020, it is expected that the industry will contribute more than 12% of GDP.

In a separate statement, the commerce ministry reported that China’s retail and catering firms experienced sales of around 840 billion yuan over the week-long holiday, up 11.4% from the previous year.


Comment Template

You May Also Like

Economy

China’s economy faces a pivotal 2025, grappling with slowed growth, real estate struggles, and waning foreign investment. While government measures aim to boost consumption...

Business

In the wake of Walmart’s departure as a major stakeholder and a stagnating Chinese e-commerce market, JD.com must persuade investors of its importance. This...

Economy

Matthias Heck, Moody’s industry analyst, estimates that electric vehicles would have attained that market share after 2035 without these rules. He said the EPA’s...

Business

Industry data suggests that Chinese airlines are gaining market share on international routes due to weak Chinese travel demand, increased costs, and longer flight...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok