JAKARTA - The Chinese tourism revenues from the Chinese New Year holidays has dropped compared to previous year. IHS Global Inshight economist Brian Jackson provides key points of the tourism revenues as follows:
Key Points:
- China domestic tourism receipts grew 15.9% to CNY423.3 billion during the recent Spring Festival holiday from 27 January to 2 February, according to China National Tourism Administration.
- That compares to 16.3% growth in receipts during the same seven day holiday in 2016.
- The number of domestic trips grew 13.8% during the 2017 holiday, compared to 15.6% in 2016.
Significance:
Chinese tourism revenues totaled CNY3.9 trillion in 2016, according to CNTA. China’s 13th Five-Year Plan for tourism targets annual revenues rising to CNY7 trillion by 2020, implying average annual growth of 15.7% between 2017 and 2020.
“While holiday tourism growth rates remain solidly in the double digits, they have slowed considerably from prior years on account of increasing base effects,” Brian Jackson said.
Nonetheless, tourism is one of the relatively bright spots in the economy, given its growth relies on changing preferences in addition to rising incomes. Accommodation and catering enjoyed real growth of 6.9% of GDP in 2016, faster than the overall economy and the fastest annual rate since 2010. (*)