Latest news with #ChinaEconomicRoundtable
Borneo Post
11 hours ago
- Business
- Borneo Post
China's policy synergy sustains growth, stabilizes employment
Guests attend the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. (Xinhua/Jin Liwang) BEIJING (June 6): Amid mounting global uncertainties and a complex external environment, China is reinforcing its commitment to high-quality development to bolster economic stability and resilience. Following a recent meeting of the Political Bureau of the Communist Party of China Central Committee, which set priorities for maintaining stable employment, businesses, markets and expectations, relevant government organs have accelerated the rollout of coordinated policies to shore up confidence and sustain momentum. In the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, officials from the country's top economic planner, labor authority, and central bank outlined how an expanding policy toolkit is enabling China to navigate headwinds and strengthen the foundations of long-term growth. MACRO POLICY SUPPORT The country's economy remained resilient in the first four months, with solid growth in industrial output, services, domestic demand and exports. Official data showed that retail sales of home appliances and communication equipment surged by more than 20 percent during the period, and investment in purchasing equipment rose by 18.2 percent. Innovation gathered pace, with high-tech manufacturing up 10 percent year on year in April, led by rapid advances in new energy vehicles, large-scale AI models, and humanoid robots. Ding Lin, an official with the National Development and Reform Commission, said the upbeat economic data reflected the accelerated rollout of targeted measures and the combined effects of recent policy initiatives. A 0.5 percentage-point cut in the reserve requirement ratio for eligible financial institutions took effect in mid-May, injecting about 1 trillion yuan (139 billion U.S. dollars) in long-term liquidity. It followed a 0.1 percentage-point cut in the seven-day reverse repo rate, effective May 8. These moves, along with expanded re-lending tools and the issuance of sci-tech bonds, form part of a broader push by monetary and financial regulatory bodies to steady markets and support recovery amid external headwinds. 'These policies help expand funding available to the real economy, lower financing costs for businesses, especially small and medium-sized enterprises (SMEs), and ensure more stable business operations,' said Ding Zhijie, head of the Research Institute at the People's Bank of China, the central bank. Official data showed ample market liquidity and substantial credit support for SMEs. By the end of April, the outstanding balance of inclusive loans to micro and small enterprises had reached 34.3 trillion yuan, an 11.9 percent year-on-year increase, outpacing the growth of all other loan categories during the same period. Loans to 'little giant' firms, which refer to novel elites among China's SMEs that are engaged in manufacturing, specialize in a niche market, and boast cutting-edge technologies, stood at 6.3 trillion yuan by the end of the first quarter, marking a 15.1 percent increase. Ding Zhijie, head of the Research Institute at the People's Bank of China, the central bank, speaks at the recording site of the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. (Xinhua/Jin Liwang) RISING DOMESTIC DEMAND To strengthen domestic demand as a key driver of growth, China has introduced a series of targeted measures across multiple sectors. These include expanding services consumption, strengthening care for elderly people with disabilities, promoting automobile sales, improving consumption-related infrastructure, encouraging private investment, and launching new policy-based financial instruments. The central bank has introduced a package of structural monetary policies to boost domestic demand, including expanding the re-lending facility for sci-tech innovation and technological upgrading from 500 billion to 800 billion yuan, launching a new 500-billion yuan re-lending program to support elderly care and consumption in sectors such as catering and cultural tourism, and supporting financial institutions, tech firms, and equity investment institutions in issuing sci-tech innovation bonds. Ding Zhijie said that the central bank's recent policies focus on three key aspects: scaling up existing tools, reducing funding costs, and introducing innovative instruments to guide financing toward key areas of consumption and investment. The country announced a new round of the consumer goods trade-in program last year to boost consumer spending, subsidizing trade-ins of automobiles, home appliances, and home decorations — and expanded the scope of the program earlier this year. In the first five months this year, the country's consumer goods trade-in program generated 1.1 trillion yuan in sales, fueling a surge in transactions that included 4.12 million vehicles, 77.62 million units of household appliances and 56.63 million units of digital products such as mobile phones, according to data from the Ministry of Commerce. Customers choose dishwashers in a shopping mall in Qingdao, east China's Shandong Province, Jan. 8, 2025. (Photo by Zhang Ying/Xinhua) STABLE EMPLOYMENT As domestic demand picks up and macro policies take effect, employment has remained generally stable. From January to April, urban job creation increased at a steady pace and the average surveyed urban unemployment rate was 5.2 percent, according to Chen Yongjia, an official with the Ministry of Human Resources and Social Security. Chen said the ministry has introduced a series of targeted measures to stabilize employment, which have delivered positive results. The country has increased the quota for loans aimed at stabilizing and expanding employment, expanded the coverage of subsidy policies that support job creation, and extended existing measures such as unemployment insurance refunds and skill training subsidies to fully unleash policy dividends. In the first quarter, 3.52 billion yuan in job stabilization funds were issued, along with 23.8 billion yuan in employment subsidies and 156.3 billion yuan in special-purpose loans for job retention and expansion. Starting this year, over 10 million people will benefit from subsidized vocational training programs each year for three consecutive years, alongside specialized courses in elderly care, domestic services, and long-term caregiving to improve workforce skills. The officials said greater efforts will be made to enhance the foresight, precision and effectiveness of macro regulation, ensuring that all policies work in the same direction and reinforce each other. Such coordinated efforts are expected to support the economy's upward momentum, reinforce market confidence, and improve resilience against rising global uncertainties, they said. – Xinhua
Borneo Post
11 hours ago
- Business
- Borneo Post
China's economy on steady upward trajectory amid external challenges: official
This photo taken on June 21, 2023 shows the Drum Tower as seen from the Jingshan Park in Beijing, capital of China. — Xinhua photo BEIJING (June 6): Building on a positive start in the first quarter of 2025, China's economy is continuing to make steady progress, said Ding Lin, an official with the National Development and Reform Commission. Speaking on the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, Ding noted that despite a complex external environment, China's economy has remained resilient. Notably, key indicators like industrial production, the service sector, domestic demand and exports have shown robust growth. Ding emphasized China's innovative dynamism, citing 10-percent growth in the high-tech manufacturing sector in April, nearly 4 percentage points higher than the country's overall industrial growth rate. Ding also highlighted the accelerated development of industries such as drones, new energy vehicles, artificial intelligence and humanoid robots. 'In general, as pro-growth measures are swiftly implemented, their effects will continue to emerge, further promoting the country's high-quality economic development,' Ding added. China's GDP grew by 5.4 percent year on year in the first quarter of 2025. – Xinhua China Ding Lin World Economic Forum
Borneo Post
22-05-2025
- Borneo Post
Greater openness, diverse offerings attract global tourists to relish real China
Tourists from Australia pose for photos at the Tiantan (Temple of Heaven) Park in Beijing on May 1, 2025. – Xinhua photo BEIJING (May 23): From viral social media buzz to rising foot traffic at immigration counters, global enthusiasm for 'China Travel' continued to soar this year as an increasing number of travelers head to China to savor the country's diverse landscapes, rich heritage and modern dynamism. As China rolls out a wave of initiatives aimed at making travel to the country easier and more immersive for international visitors, a new era of inbound tourism is emerging – one that is unfiltered, inclusive and rich in cultural depth. In the first quarter of 2025, China recorded 17.44 million entries and exits by foreign nationals, marking a 33.4 per cent year-on-year rise. From May 1 to 5, which coincided with China's May Day holiday, foreign entries and exits reached 1.12 million, up 43.1 per cent compared to the same period last year. So, what is fueling this growing appeal? What new trends are shaping travel in China? And what steps lie ahead as the country continues to enhance cross-border mobility to attract more global tourists? These questions were front and center in the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, where a panel of policymakers and a tourism industry insider shared their insights. Fresh experiences During the discussion, Shi Zeyi, deputy head of the international exchanges and cooperation bureau under the Ministry of Culture and Tourism, pointed to a notable shift among inbound tourists toward independent travel and more diverse itineraries, highlighting how interest is expanding beyond traditional hotspots like Beijing and Shanghai to lesser-known regions across China. This trend is supported by data from major Chinese travel platforms. According to a report from Qunar, cities like Zhuhai, Qingdao, and Wuhan saw hotel bookings by foreign travelers surge by 70 per cent, 60 per cent, and 50 per cent year on year, respectively, during the five-day May Day holiday. Meanwhile, smaller cities such as Suzhou, Huzhou and Foshan also made the list of the top 20 inbound destinations. Chiming in, Qin Jing, vice president of Ctrip, noted that booking patterns on the online travel platform during the same period suggest a broader shift from basic sightseeing and landmark visits to more immersive, hands-on cultural experiences. 'Many foreign visitors are now engaging in activities like learning tea brewing in Wuyishan, watching face-changing performances in Chengdu, or crafting porcelain in Jingdezhen,' Qin said. These insights are consistent with a recent survey by the China Tourism Academy, which found that over 60 per cent of respondents cited experiencing Chinese culture as their primary reason for visiting the country. Foreign tourists visit the Tianjin Ancient Culture Street in Tianjin, north China on May 3, 2025. – Xinhua photo Amid the travel boom, shopping has also taken center stage after China introduced new measures to optimise its departure tax refund policy in late April, including lowering the minimum purchase threshold for refunds, expanding the network of participating stores, and widening the range of products available. Ctrip data revealed that inbound travel bookings for popular shopping hubs like Shanghai, Shenzhen and Yiwu increased by 138 per cent, 188 per cent, and 60 per cent year on year, respectively, during the May Day holiday. Speakers also highlighted the powerful role of social media in driving interest in China. Viral videos of high-speed trains, AI-powered hotel robots, and everyday scenes of modern Chinese life, posted by visiting foreign travel influencers and tourists, have offered unfiltered views of China, breaking down stereotypes. 'Seeing is believing,' said Liu Jia, an official with the National Immigration Administration (NIA). 'When people experience China firsthand, they are better positioned to overcome misunderstandings and appreciate the country for what it truly is – open, inclusive, prosperous, safe and well-ordered.' Expanding access Despite the influence of social media and enhancements like the improved departure tax refund policy, guest speakers emphasised that China's recent surge in inbound travel is primarily driven by its ongoing efforts to expand access for international visitors. And this momentum continues to build steadily. China's visa policies have been continuously adjusted and optimised. Since late 2023, China has introduced an expanding suite of traveler-friendly policies. In its latest move, the country announced last week that nationals of Brazil, Argentina, Chile, Peru and Uruguay will be eligible for visa-free entry starting June 1. Currently, the country grants unilateral visa-free entry to 38 countries. China has also extended the transit visa-free period to 240 hours for travelers from 54 countries. These measures have significantly boosted cross-border exchanges between China and other countries, leading to an immediate impact: in 2024, China recorded 20.12 million visa-free entries, marking an impressive 112.3 per cent surge compared to the previous year. During this year's May Day holiday, there were 380,000 visa-free entries, representing a 72.7 per cent year-on-year growth. According to Tong Xuejun, an official with the Ministry of Foreign Affairs, China will negotiate additional visa-waiver agreements and work to improve the online visa application system for foreigners. Liu, from the NIA, added that the immigration administration will continue coordinating with other departments to make it easier for foreigners to enter, stay, and travel in China. A border inspection officer guides foreign tourists at Sunan Shuofang International Airport in Wuxi, east China's Jiangsu Province on May 3, 2025. – Xinhua photo Acknowledging the diversity of global travelers, Shi noted that the Ministry of Culture and Tourism is promoting tailored offerings to cater to different groups, ranging from young backpackers and business travelers to senior tourists. These include educational tours, wellness retreats, and seasonal products such as ski holidays and summer getaways. To stimulate inbound tourism spending, China will expand the number of duty-free shops and broaden the selection of products eligible for instant tax refunds, especially focusing on high-tech gadgets like smartphones, smartwatches and drones, Shi added. In 2024, 132 million inbound visits to China generated US$94.2 billion in revenue, recovering to over 97.2 per cent and 93.5 per cent, respectively, of pre-pandemic levels. Cities across China are enhancing services to facilitate inbound tourism. For example, Beijing has launched a free half-day tour for international transit passengers, offering a glimpse of traditional Chinese culture at landmarks such as Qianmen and the Temple of Heaven. Qin from Ctrip said the company is enhancing services for inbound tourists by training multilingual tour guides, partnering with foreign travel influencers for promotions, and introducing new offerings such as immersive cultural and dining experiences. Wrapping up the discussion, Tong emphasised the importance of collaborative feedback. He said the government welcomes suggestions from tourism businesses and is equally eager to hear from various international travelers. 'So we can work together to further enhance the China travel experience.' 'As China continues to open its doors wider, the 'China Travel' brand will only shine brighter on the world stage,' he added. – Xinhua A staff member provides departure tax refund service for a tourist from Russia at a shopping center in Beijing on April 30, 2025. – Xinhua photo China tourism travel Xinhua
Daily News Egypt
22-05-2025
- Business
- Daily News Egypt
China's inbound tourism continues heating up amid improving environment
China's inbound tourism has maintained strong momentum, with a sharp rise in both international arrivals and visitor spending, buoyed by streamlined visa policies and an improved travel environment, according to officials. About 132 million inbound tourists visited China in 2024, with total spending reaching 94.2 billion U.S. dollars, recovering to 97.2 percent and 93.5 percent of the 2019 levels, respectively, Shi Zeyi, an official in charge of international exchanges and cooperation at the Ministry of Culture and Tourism, said during a recent episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. In the first quarter of 2025, China recorded 35.02 million inbound tourist visits, a 19.6 percent increase compared to the same period of last year, Shi added. Officials and industry insiders at the roundtable also highlighted the marked increase in inbound travel spending. Mobile payment giant Alipay reported a 180 percent surge in inbound tourist spending between May 1 and 3 this year, compared to the same period in 2024. The surge has been fueled in large by China's expanded visa-exemption program and a slew of measures aimed at making travel more convenient, including enhanced transportation access, simplified payment systems, and instant tax refunds for departing visitors, according to Shi. China now grants unilateral visa-free entry to people from 38 countries and has extended its visa-free transit period to 240 hours for travelers from 54 countries. About 380,000 foreigners entered China under these arrangements during the May Day holiday, a year-on-year increase of 72.7 percent. As more foreign travelers visit China and have positive experiences, the potential of the country's inbound consumption market will continue to grow, said Liu Jia, an official from the National Immigration Administration.
Daily News Egypt
22-05-2025
- Business
- Daily News Egypt
'China Travel' trending amid visa, tax policy boost
China's optimized visa and tax refund policies have given a boost to inbound tourism, fueling the trending of 'China Travel' globally, officials said. Speaking on the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, Liu Jia, an official with the National Immigration Administration, highlighted that the updated visa-free policies have waived procedures and reduced time and financial burdens for foreign travelers, making it easier to visit China. China has introduced a slew of policies to facilitate inbound travel since 2023. Major steps taken included expanding mutual visa exemptions and unilateral visa-free access, and extending visa-free entry stay for international visitors. As of now, China has established comprehensive mutual visa exemptions with 29 countries, implemented unilateral visa-free policies for 38 countries, and transit visa-free policies for 54 countries including Britain, the United States and Canada. Tax refund schemes for international travelers have been optimized as well. While allowing foreign shoppers to instantly claim tax rebates at tax-free stores, China has also lowered the minimum purchase threshold for refunds, raised the cash refund ceiling and widened the range of products available. Speaking on the roundtable, Shi Zeyi, an official with the Ministry of Culture and Tourism, said that with continuous improvements in visa, payment and tax policies, 'China Travel' has demonstrated robust recovery momentum and broad growth prospects. Last year, China recorded 132 million inbound trips, with total tourism spending reaching 94.2 billion U.S. dollars, recovering to 97.2 percent and 93.5 percent of 2019 levels, respectively, according to Shi. Liu noted that the influx of foreign visitors has spurred consumption across sectors such as hospitality, retail and cultural services, contributing to the growth of the service trade and attracting foreign investment. These updated policies are evidence of China's commitment to opening up, Liu said, adding that they could help foster deeper cultural understanding between China and the international community, breaking stereotypes held by some countries. 'First-hand experience can help dispel misunderstandings and biases, enabling the world to see, feel and recognize an open, inclusive, prosperous, stable and safe China,' Liu said.
