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China’s inbound tourism trips for Labor Day holiday surge 173%, Trip.com says; Goldman Sachs raises 2025 southbound fund flow forecast due to growing attractiveness of HK stocks.Here’s what you need to know about China in the past 24 hours
The number of inbound tourism orders for the upcoming Labor Day holiday on Trip.Com has climbed 173 percent from a year earlier, according to data from the Chinese online travel agency.
展开剩余93%The top Chinese destinations for foreign tourists are Shanghai, Beijing, Guangzhou, Shenzhen, and Chengdu, according to Trip.Com. Their main countries of origin are South Korea, Japan, Singapore, Russia, Malaysia, Thailand, the United States, Australia, the United Kingdom, and Vietnam.
China is expected to see an average of 2.15 million daily border crossings during the five-day holiday, representing a 27 percent increase from last year, according to the National Immigration Administration on Monday.
The inbound tourism boom is part of the result of recent social media exposure from foreign influencers. For example, overseas users’ searches for hotels in China tripled after YouTuber IShowSpeed visited the country.
China’s recent policies allowing foreign tourists to obtain instant tax refunds upon purchase also help fuel the China travel heat. The country announced a lower threshold for tax refunds for foreign tourists among a series of policies on Sunday, from the previous 500 yuan to 200 yuan. The upper limit for their tax rebate in cash also has been doubled to 20,000 yuan.
Domestic tourism is also expected to achieve new highs during the Labor Day holiday策利配资, which will run from May 1 to May 5. China’s Ministry of Transport forecast more than 270 million daily cross-regional trips during the period.
Chinese airlines are expanding international routes to accommodate the ever-growing "China Travel" fever. On Monday, China Eastern Airlines launched a direct flight from Shanghai Pudong International Airport to Abu Dhabi, marking the first time a Chinese airliner flies this route.
Sichuan Airlines will also open a direct route from Chengdu to Penang of Malaysia with five flights per week starting tomorrow. Additionally, the airline inaugurated a commercial charter service from Chengdu to Pokhara, Nepal, last month.
On the accommodation end, over 80 percent of hotel reservations for the Labor Day holiday are cross-region stays, as the 5-day break prompted residents to venture farther, Trip.Com said, adding that about 20 percent of such bookings are for stays of two or more days for in-depth travel experiences.
Another characteristic of this year’s Labor Day holiday is the pronounced shift toward rural destinations. Tourism demand in fourth- and lower-tier cities soared 25 percent from a year earlier, compared with a growth of 14 percent for higher-tier cities, Trip.Com data also showed. High-star hotel consumption in rural areas also greatly exceeded that in cities.
GBA express
Goldman Sachs has significantly raised its 2025 forecast for southbound fund flows under the mainland-Hong Kong stock connects, raising the estimate from $75 billion to $110 billion, citing the growing attractiveness of Hong Kong stocks. Goldman Sachs said in a report that the upward revision reflects the more attractive H-share profiles in terms of earnings growth, valuation and dividend yields, as well as the expanded investable universe due to newly listed and home-coming companies. Hong Kong Chief Executive John Lee Ka-chiu has said he believes there is ample room for cooperation between the SAR and the Slovakia Republic in the application of innovation and technology during a meeting with Slovak Deputy Prime Minister for the European Union Recovery Plan and the Knowledge Economy Peter Kmec on Monday. Hong Kong is striving to become an international inno-tech center and Slovakia has announced various long-term digital transformation development strategies in recent years, Lee said. During the meeting, a memorandum of understanding on cooperation in science, research, and innovation was signed between the two places. Shenzhen’s Qianhai & Shekou pilot free trade area is making big strides in promoting business development in the region, as the cumulative transaction volume of Qianhai free trade accounts hit 1 trillion yuan, with nearly 80 percent of the balance of payments relating to cross-boundary transactions with Hong Kong, the latest official data showed on Sunday. Thanks to a raft of preferential policies, an increasing number of Hong Kong-funded enterprises have set up office in the Qianhai & Shekou area of the China (Guangdong) Pilot Free Trade Zone (Guangdong pilot FTZ), with the number reaching 8,048. The area also provides strong support for nurturing startups from Hong Kong. So far, Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub has incubated 1,450 entrepreneurial teams, of which 943 are from the SAR. Passenger trips made by foreign nationals through the Zhuhai port of the Hong Kong-Zhuhai-Macao Bridge surged 70 percent to about 172,000 this year as of April 27, according to official data. Overall passenger trips via the land port exceeded 10 million on Sunday, achieving such milestone 25 days earlier than last year.Industry and company news
China's services trade saw an 8.7 percent year-on-year growth in the first quarter, totaling 1.97 trillion yuan, according to the Ministry of Commerce on Tuesday. Services exports reached 835.15 billion yuan, up 12.2 percent from a year earlier, and services imports rose 6.2 percent to 1.14 trillion yuan, resulting in a deficit of 303.88 billion yuan. Trade in travel-related services continued robust growth momentum, jumping 21.8 percent year on year to reach 584.9 billion yuan. China's logistics volume hits 91 trillion yuan in the first quarter with a year-on-year increase of 5.7 percent, 0.4 percentage points higher than the growth rate in the first two months, according to data released by the China Federation of Logistics & Purchasing (CFLP) on Tuesday. Nvidia today denied rumors claiming the US chip maker is considering establishing a JV in China and is preparing to separate its Chinese operations due to restrictions from the US on its H20 chip exports to China, media reports. Sinopec reported a 28 percent decline in net profit in the first quarter of this year, mainly because of falling international crude oil prices. Net profit was 13.3 billion yuan in the period, while operating revenue rose 6.9 percent to 735.4 billion yuan. Chagee has started trial operations at its first North American store at Westfield Century City in Los Angeles, media reported. The Chinese tea chain began its global expansion in 2019 and has opened hundreds of stores across Southeast Asia since then.Asia-Pacific highlights
China’s BYD yesterday started building an automotive assembly plant in Cambodia, the Council for the Development of Cambodia said. BYD is Cambodia’s most popular EV brand, ahead of Toyota and Tesla, according to the Southeast Asian nation’s Ministry of Public Works and Transport. The EV giant also plans to set up two service centers and install 200 electric vehicle charging stations across Cambodia. Guiyang, in China's Guizhou province, seeks to become a transit hub for Eurasian trade, opening up to the west and south by creating a land outlet to the sea. Guiyang's international dry port should be a "gateway" for a new highland of an open economy in inland Guizhou, according to a new document the provincial government released yesterday. The initiative aims to make it a global trade transit hub and logistics center, targeting the ASEAN, Central Asia, and Europe, turning it into an important global logistics hub in Southwest China. Singapore has cut the country's growth forecast for 2025 to zero percent to 2 percent in the face of US tariffs, a downgrade from the 1 percent to 3 percent range previously. Singapore's economy grew 4.4 percent last year.Executive Editor: Sonia YU
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策利配资 CBN丨“China Travel” fever continues to gain momentum in upcoming May Day holiday_the_tax_trips
