Calls for more support for China’s tourism and cultural sector
Industry experts are calling for more financial support to be given to the Chinese cultural and tourism sector, to support the roll-out of new technologies.
The comments were made at a conference for the construction, investment and financing of cultural and tourism projects, which recently took place in Shanghai.
At the event, the Ministry of Culture and Tourism signed cooperation agreements with the Export-Import Bank of China and Agricultural Bank of China. Cui Yanmei, deputy general manager of the customer service department of the Export-Import Bank of China, said that the bank “will support the export of Chinese cultural products and services, outbound trips and the construction of cultural and tourism demonstration platforms”.
It will also support the application of information technologies in cultural and tourism industries. “Companies will be supported in exploring overseas markets and investing in and building cultural and tourism projects via direct foreign investment, and mergers and acquisitions, which are also part of the agreement,” said Cui.
Xing Fengqin, a senior manager at the Agricultural Bank of China, said that the bank will focus on granting more credit to cultural and tourism companies, to promote product innovation.
The conference herd that China’s fiscal, financial and investment policies should be better used to revitalize existing tourism projects and broaden financing channels.
Lyu Hao, deputy general manager of the Shanghai Stock Exchange, said that cultural and tourism companies “should make full use of the various tools provided in the capital market including stocks, bonds, funds, derivatives and real estate investment trusts or REITs. In this way, the capital market can play a bigger role in helping companies lower costs, enhance efficiency and raise their recognition by comprehending prices and diversifying risks,” Lyu said.
According to the Ministry of Culture and Tourism, Chinese consumer spending on domestic trips jumped 114.4% year-on-year to 3.69 trillion yuan ($509.1 billion) in the first three quarters of 2023. More than 3.67 billion domestic tourist trips were taken in the first nine months, up 75.5% year-on-year, almost 80% of the 2019 level.
Fang Shizhong, head of the Shanghai municipal administration of culture and tourism, said that cultural and tourism industries are the best platforms to apply emerging technologies, such as blockchain and AI large language models.
China/US to resume trade talks
China and the United States are set to reconvene high-level talks on trade and commerce in the first quarter of 2024, with the aim of driving business cooperation between Chinese provinces and US states.
Following a meeting with US Secretary of Commerce Gina Raimondo in San Francisco, Chinese Commerce Minister Wang Wentao said China is willing to work with the US to implement the consensus reached during the recent meeting between the presidents of the two countries.
Wang said the two sides engaged in practical, constructive and productive communication on China-US economic and trade relations, as well as issues of concern regarding economic and trade matters.
Wang said that both parties should adhere to principles of mutual respect, peaceful coexistence and cooperation for win-win results. He said they can better utilize the communication channels established between their commerce authorities effectively, strengthen dialogue, manage differences and create a favourable environment for bilateral trade, investment and cooperation.
According to the statement, the two sides had in-depth exchanges on national security issues in the economic and trade realm during the meeting.
Emphasizing that harmonious China-US business ties contribute to the growth of US companies operating in China, Nathaniel Madarang, president for the Asia-Pacific region at Good-year Tire & Rubber Co, told the China Daily website that the group will continue to invest in activities in the Chinese market.
“Based on the diversified needs of Chinese consumers, we have improved our offerings in the country’s fastest-growing electric vehicle market segment,” Madarang said.
