China’s current capital outflow predicament has quite a bit in common with its outbound tourism, which a report revealed on Friday to have been the largest in the world last year at 120 million.
This marks a nearly 20% increase from the year before when 109 million Chinese tourists traveled overseas. Notably, 2015 saw some Chinese employers break records by sending their staff on tour groups numbering in the thousands.
In 2014, according to the World Tourism Organization, Chinese tourists can also take credit for the most overseas spending with $165 billion in total. Of course, all these numbers are helped by the fact that Hong Kong and Macau is considered outbound travel for mainlanders, winning HK the title of the world’s biggest tourist city for the fifth straight year.
Chinese tourists also especially helped to provide a significant boost to Japan’s economy. The Japan Tourism Agency has confirmed the data, reporting that Chinese tourists made up 40% of total consumption by foreigners in 2015. Mainland travellers purportedly enjoyed a spending average of 238,800 yen ($2,393) in Japan — 100,000 yen more than other kinds of tourists.
Director Li Jinzao of China’s National Tourism Administration shared that the country’s tourism investment even reached a lavish 1 trillion yuan for the first time ever last year.
And with the Spring Festival almost upon us China looks to maintain its healthy 2-digit growth rate of overseas spending.
But it’s not all about outflow — last year, China also enjoyed its first positive growth of inbound tourism in 3 years, with the total number of domestic and foreign tourist trips increasing by 10% to some 4.1 billion.
Up by 12%, China’s tourism revenue in 2015 managed to reach 4 trillion yuan. While Beijing is declining in the world’s favour, it seems the likes of Shenzhen, Guangzhou, and Shanghai are upholding the country’s good name. And with the arrival of relaxed visa restrictions, the mainland can probably expect to keep enjoying the figures.