Chinese tourism soars ahead of new year's arrival

31-12-23

As the new year approaches, experts note that the Chinese economy remains on an accelerated recovery path. China's tourism sector is playing a key role in this recovery. In addition, new growth drivers are continually emerging that continue to fuel momentum through 2024.

A media report, compiling data from leading travel platforms, indicates a broad-based recovery of domestic and cross-border tourism in China.

As of December 15, total travel bookings for the New Year vacation had more than tripled compared to the previous year. In addition, the report recorded a remarkable increase in hotel bookings by more than five times. Airline ticket bookings also saw a remarkable year-on-year growth of 205%, according to data provided Monday by online travel agency Trip.com.

China's tourism sector showed a remarkable recovery throughout the year, especially with the accelerated integration of "culture, sports and tourism." Experts said new business models are emerging. They are well received by consumers and are expected to continue to drive China's economic recovery.

According to the National Bureau of Statistics (NSO), the service sector experienced rapid growth in November. It recorded an annual growth of 9.3% in the national services output index. This represents an increase of 1.6% over the previous month.

In the first three quarters, total retail sales of consumer goods in China reached 34.2 trillion yuan or $4.79 trillion, a year-on-year increase of 6.8%. In addition, final consumer spending contributed 83.2% to economic growth in the first three quarters and 4.4% to GDP growth. Moreover, data from the National Bureau of Statistics reveal that in the third quarter alone, final consumption expenditure contributed 94.8% to economic growth.

In addition to the boom in domestic tourism and consumption, China has also made concrete efforts this year to boost cross-border travel. It has improved entry and exit procedures to unilaterally expand the list of visa-free countries.

At the same time, Chinese tourists have become an important source of visitors for 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.