Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Hotel searches for Japan soar after introducing 10-year visas for Chinese tourists;
- China revises up 2023 GDP to 129.4 trillion yuan.
Here’s what you need to know about China in the past 24 hours
Chinese tourists' searches for Japanese accommodations have tripled following an agreement between the two nations to strengthen bilateral ties, including Japan's introduction of 10-year tourist visas.
Hotel searches for Japanese destinations grew threefold over the past week, according to data from online travel platforms.
The foreign ministers of China and Japan reached 10 key agreements yesterday, including enhanced tourism cooperation and new measures to promote bilateral travel.
Japan will extend the maximum length of multiple-entry visas from five years to 10 years, while the maximum stay for groups of tourists will also be increased from 15 days to 30 days. It follows China's decision to add Japan to its visa-free entry scheme last month, allowing visitors to stay for up to 30 days.
Visa experts at Ctrip predict increased Chinese tourism to Japan following the relaxed visa requirements and extended group visa durations. The new 10-year visa is expected to particularly benefit high-income travelers.
Flight searches on Qunar for Tokyo and Osaka rose 20 percent as of yesterday week-on-week, with the two cities ranking second and third among outbound destinations. Lesser-known destinations such as Hakodate, Otaru, and Izu saw hotel searches more than triple from the previous week.
Based on Qunar's hotel booking data, Japan leads all outbound destinations for Chinese tourists during the upcoming Lunar New Year holiday. Within Japan, Chinese tourists are primarily interested in Tokyo, Osaka, and Nagoya. Airfares remain competitive, with Beijing-Osaka flights in late February priced at 600 yuan, down from around 2,000 yuan in January.
Ctrip reports Japan as Chinese tourists' top outbound destination this year. Despite flight capacity between China and Japan reaching only 75 percent of 2019 levels, Chinese bookings to Japan have surpassed pre-pandemic figures.
Japan particularly appeals to younger Chinese travelers. According to Ctrip, tourists born after 1980 account for 41 percent of bookings. Travelers from major cities including Shanghai, Beijing, Shenzhen, Guangzhou, and Hangzhou show the strongest interest in Japanese destinations.
- China on Thursday revised up its 2023 gross domestic product by 2.7 percent to 129.4 trillion yuan, or 3.4 trillion yuan more than the preliminary figure, the National Bureau of Statistics said Thursday.
- The World Bank has revised up China's real GDP growth for this year and next to 4.9 percent and 4.5 percent, respectively, while underlining the necessity of ramping up structural reforms alongside stimulus measures to reinvigorate growth. In its latest China Economic Update released on Thursday, the World Bank said the projections were revised up by 0.1 and 0.4 percentage points, respectively, compared to the June publication.
- China's Ministry of Housing and Urban-Rural Development has pledged to continue efforts to stabilize the real estate market and reverse its downturn in 2025. China will focus on unlocking housing demand by fully implementing a mix of policies to support people's needs for buying their first homes or improving their housing conditions, said a ministry official during a two-day work conference that ended Wednesday.
Greater Bay Area, Greater future
- Shenzhen is making significant strides towards its goal of becoming a "City of Superchargers," with a total of 1,002 supercharging stations having been built to date, according to the Shenzhen Municipal Development and Reform Commission yesterday. This achievement marks a breakthrough, particularly following an April milestone when the number of supercharging stations surpassed that of traditional gas stations in the city.
Next on industry and company news
Wrapping up with a quick look at the stock market
Chinese stocks gained on Thursday. The benchmark Shanghai Composite added 0.1 percent and the Shenzhen Component rose 0.7 percent.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
