Thursday May 24, 2018

China tourists rise to 135mn in 2016, spend US$261bn

Apr 14, 2017 08:11 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Outbound tourists from China grew 6 percent to 135 million persons in 2016, who spent $261 billion in foreign countries, up $11 billion from a year earlier, a UN agency has said.

US visitors spent $122 billion, up $9 billion from a year earlier, with Americans travelling abroad rising 8 percent from 74 million in 2015, the World Tourist Organization, an UN agency, said.

Chinese tourism spend is benefitting many destinations in the Asia Pacific region, such as Japan, Korea and Thailand, but also the US and several European nations. "This growth consolidates China’s position as the number one source market in the world since 2012, following a trend of double-digit growth in tourism expenditure every year since 2004," WTO said.

Other Asian outbound markets were also doing well.

Travellers from the Republic of Korea and Australia both spent $27 billion, and Hong Kong (China) entered the top 10 with 5 percent growth in expenditure to $24 billion.

Australia has a free floating exchange rate with a strong currency, Korea is a near free floating rate and Hong Kong has a currency board with the US dollar, making it impossible for rulers to depreciate the currency and impoverish the population, preserving the wealth of the people.

China has a soft-peg, which appreciated for a number of years, but following a misguided stimululs involving money printing, the currency started to collapse. But wealthy Chinese continue to travel. (Colombo/Apr14/2017)


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