china to face 100bn tourism deficit
Last Updated : GMT 00:04:01
Arab Today, arab today
Arab Today, arab today

China to face $100bn tourism deficit

Arab Today, arab today

Arab Today, arab today China to face $100bn tourism deficit

China to face tourism deficit
Beijing - XINHUA

 China is set to see its tourism deficit exceed 100 billion U.S. dollars this year as Chinese traveling overseas spend much more than foreign visitors back home, according to a report by the China Tourism Academy (CTA).
"A tourism deficit greater than 100 billion U.S. dollars is a sure thing this year," said CTA president Dai Bin, citing explosive growth in outbound tourists and a lackluster inbound tourism market.
About 116 million Chinese are expected to travel and spend 155 billion U.S. dollars overseas in 2014, up 20 percent from a year ago, Dai said.
China has become the world's main source of international tourists in recent years, as a richer middle class seeks more exotic experiences overseas, said the report, released on Monday.
The expected net tourism deficit reflects the increasing purchasing power of Chinese abroad, as they tend to open their wallets generously in European cities such as Paris and London to buy luxury goods from branded bags to expensive wrist watches.
Last year, per capita spending by Chinese traveling overseas was almost three times the amount foreign visitors spent in China, according to Fan Zhiyong, an associate professor under the School of Economics with the Renmin University.
Chinese tourists made a total of 98.2 million trips overseas last year, climbing 18 percent from a year earlier, according to the China National Tourism Administration.
For the first half of 2014, the administration estimated that Chinese spent more than 70 billion U.S. dollars on their overseas trips during the period, up 20.7 percent year on year.
As Chinese spend more time and money overseas, competition to attract them is intensifying among foreign countries.
Currently, Chinese can travel to 151 countries for tourism purposes, with Senegal becoming the latest destination under a memorandum of understanding between the two countries this month.
India is also preparing to launch a tourism promotion campaign in Chinese media in the coming months, while introducing audio recordings in Mandarin at popular Indian monuments.
China first recorded a tourism deficit in 2008, when the global financial crisis greatly discouraged foreign spending in the country while a stronger yuan encouraged tourist outflow.
Zhao Xijun, vice dean of the School of Finance and Economics under Renmin University, said the tourism deficit could help internationalize the Chinese renminbi currency as the yuan is converted and used internationally by a growing number of tourists.
For example, the most-visited overseas regions for Chinese, such as Southeast Asian nations, Australia and the Republic of Korea, as well as Taiwan, Hong Kong and Macao, have seen renminbi settlement business boom in recent years.
The internationalization of the yuan and Chinese cross-border consumption support each other, Zhao said,
The tourism deficit will offset a huge part of the trade surplus China accumulated through its merchandise trade.
The country posted a total trade surplus of 200 billion U.S. dollars in the first eight months of 2014, an increase of 30.3 percent from a year earlier, according to customs data.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china to face 100bn tourism deficit china to face 100bn tourism deficit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china to face 100bn tourism deficit china to face 100bn tourism deficit

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday