Inbound Tourism Market Recovery
China’s inbound tourism market is expected to reach as much as 80% of the pre-pandemic level in 2019 in terms of the number of foreign tourists. The China Tourism Academy report highlights increased searches for flights and accommodations, with Chinese culture being a major draw for tourists. Notably, the first quarter saw a threefold increase in foreign visitors, with 1.98 million enjoying visa-free entry.
Strengthening China-Africa Economic Ties
Economic and trade relations between China and Africa continue to thrive. Companies like Jinzai Food Group Co., Ltd. in Hunan Province exemplify this with their significant imports of aquatic products from Kenya. Hunan and other central provinces are actively promoting economic cooperation, with notable developments like the China-Africa Economic and Trade Expo and the Zambia-Jiangxi Economic Cooperation Zone.
Digitalization Boost in Business Sectors
China’s business sectors are seeing improved digitalization, with e-commerce activities playing a crucial role in consumption recovery and international trade. Online retail sales reached 5.77 trillion yuan in the first five months of 2024, up 12.4% year-on-year. Additionally, China has expanded e-commerce cooperation to 32 countries, contributing significantly to export growth.
Consumer Goods Trade-In Program
China’s consumer goods trade-in program, launched in March, has boosted sales in sectors such as cars, home appliances, and furniture. The Ministry of Commerce received 113,000 subsidy applications for vehicle trade-ins by June 25. In May, retail car sales rose by 8.7%, new energy vehicle sales by 38.5%, and home appliance sales by 12.9%.