China's inbound tourism potential is huge: foreign tourist spending is expected to account for 2% of GDP.
China's inbound tourism market has witnessed tremendous growth potential in recent years. With the continuous release of policy dividends and improvement of infrastructure, foreign tourists' consumption in China is expected to rise from 0.5% of GDP in 2019 to around 2%, injecting new vitality into China's economy.
Policy dividends released, inbound tourism welcomes spring
Since March 15, 2023, China has continuously optimized its visa policies for foreign visitors, including the implementation of multiple measures such as visa-free entry, transit visa-free entry, Hainan visa-free entry and group tours on cruise ships entering visa-free. The implementation of these policies has greatly facilitated foreign tourists' travel to China, providing strong support for the revival and development of the inbound tourism market. At the same time, the State Council Information Office also proposed to improve the convenience of overseas payment services in 2024, further optimizing the travel experience of foreign tourists in China. The release of policy dividends undoubtedly injects strong momentum into the development of the inbound tourism market.
Infrastructure upgrades, digital transformation is key
Although China has rich tourism resources and diverse cultures, the infrastructure for inbound tourism still needs to be further improved. In particular, there are still some gaps in areas such as payment, communication, language services and supply chain. However, with the launch of mobile payment solutions for foreign tourists by companies such as Alipay and Tenpay, as well as the active upgrading of OTA platforms (online travel platforms), the digital transformation of the inbound tourism market is accelerating. These measures not only enhance the travel experience of foreign tourists, but also bring new development opportunities for tourism enterprises.
The development of the inbound tourism market not only drives the prosperity of the tourism industry, but also promotes the upgrading of related industries, injecting new vitality into China's high-quality development. With the increase of policy support and infrastructure improvement, China's inbound tourism market will surely usher in a brighter future.
Key words: outbound tourism