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Travel and tourism industry in China - statistics & facts

Promising growth, the aftermath of covid-19, key insights.

Detailed statistics

Absolute economic contribution of tourism in China 2014-2029

Share of the GDP of the tourism sector in China 2013-2028

Revenue from tourism in China 2012-2022

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Current statistics on this topic.

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Number of outbound visitor departures from China 2010-2024

International tourist arrivals in China 2010-2021

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Recommended statistics

• Premium Statistic Revenue from tourism in China 2012-2022
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China's revenue from tourism from 2012 to 2022 (in billion yuan)

Growth rate in tourism revenue in China 2012-2022

Annual change in the tourism revenue in China from 2012 to 2022

Contribution of China's travel and tourism industry to GDP 2014-2023

Travel and tourism industry's share of GDP in China from 2014 to 2022 with a forecast for 2023, by direct and total contribution

Number of travel and tourism jobs in China 2019-2033

Total number of travel and tourism industry jobs in China from 2019 to 2022 with forecasts for 2023 and 2033 (in millions)

Number of travel agencies in China 2008-2022

Number of travel agencies in China from 2008 to 2022

Tourism revenue during Chinese New Year in China 2017-2024

Tourism revenue during Spring Festival in China from 2017 to 2024 (in billion yuan)

Travel destinations planned by Chinese people for 2022

Main destinations of international trips planned for 2022 among people in China as of July 2022, by region

Domestic tourism

• Premium Statistic Number of domestic tourist arrivals in China 2013-2023
• Premium Statistic Quarterly domestic tourist arrivals in China Q4 2019-Q4 2023
• Premium Statistic Expenses of domestic tourists in China 2013-2023
• Premium Statistic Total number of local tourists during Chinese New Year in China 2017-2024
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Number of domestic tourist arrivals in China 2013-2023

Number of domestic visitor arrivals in China from 2013 to 2023 (in millions)

Quarterly domestic tourist arrivals in China Q4 2019-Q4 2023

Quarterly number of domestic visitor arrivals in China from 4th quarter 2019 to 4th quarter 2023 (in millions)

Expenses of domestic tourists in China 2013-2023

Expenses of domestic tourists in China from 2013 to 2023 (in billion yuan)

Total number of local tourists during Chinese New Year in China 2017-2024

Total number of domestic tourists during Spring Festival in China from 2017 to 2024 (in millions)

Most popular domestic travel destinations of Chinese millionaires 2024

Leading domestic travel destinations of Chinese millionaires as of 2024

International tourism

• Premium Statistic China's revenue from international tourism 2000-2021
• Premium Statistic International tourist arrivals in China 2010-2021
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China's revenue from international tourism 2000-2021

China's revenue from international tourism from 2000 to 2021 (in billion U.S. dollars)

Overseas visitor arrivals in China from 2010 to 2020 with an estimate for 2021 (in millions)

Number of outbound tourists departing from China from 2010 to 2023 with a forecast for 2024 (in millions)

International tourism spending of Chinese tourists 2008-2021

International tourism expenditure of Chinese tourists from 2008 to 2021 (in billion U.S. dollars)

Number of visitors to the U.S. from China 2005-2025

Number of tourist arrivals in the United States from China from 2005 to 2022 with forecasts until 2025 (in millions)

Most popular international travel destinations among Chinese millionaires 2024

Favorite international travel destinations of Chinese millionaires as of 2024

Online travel market

• Premium Statistic Transaction volume of the Chinese online travel booking market 2013-2022
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Transaction volume of the Chinese online travel booking market 2013-2022

Transaction volume of the online travel booking market in China from 2013 to 2020 with estimates until 2022 (in billion yuan)

Number of online travel booking users in China 2015-2023

Number of online travel booking users in China from 2015 to 2023 (in millions)

Penetration rate of online travel booking in China 2015-2023

Penetration rate of online travel booking in China from 2015 to 2023

Market share index of leading online travel agencies in China 2019

Market share index of leading Chinese online travel agencies based on revenues in 2019

Revenue of Trip.com Group 2012-2022

Net revenue of Trip.com Group Ltd. in China from 2012 to 2022 (in billion yuan)

Tuniu's revenue 2014-2022

Revenue of Tuniu Corporation from 2014 to 2022 (in billion yuan)

COVID-19 impact on tourism industry

• Premium Statistic Reasons to not travel long-haul to Europe worldwide 2023, by country
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• Premium Statistic Expected time of traveling abroad after lifting quarantine restrictions in China 2022
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Reasons to not travel long-haul to Europe worldwide 2023, by country

Main reasons to avoid long-haul travel to Europe in the next 12 months in selected countries worldwide as of December 2023

COVID-19 coronavirus impact on domestic tourism in China 2020

Loss rate of domestic tourists and travel revenue in China affected by coronavirus COVID-19 pandemic in 1st half 2020 and forecasted loss rate for whole year 2020

Travel sector employee employment situation during coronavirus pandemic in China 2022

Employment status of travel and tourism sector employees during COVID-19 pandemic in China as of February 2022

Unemployment length in travel sector during coronavirus pandemic in China 2022

Unemployment length among those who lost their jobs in tourism sector during COVID-19 pandemic in China as of February 2022

Expected time of traveling abroad after lifting quarantine restrictions in China 2022

Expected time frame before traveling abroad for leisure after lifting quarantine restrictions in China as of October 2022

Preferred travel destinations after lifting quarantine restrictions in China 2022

Leading leisure travel destinations among international travelers when all quarantine restrictions are lifted in China as of October 2022

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Tourism in China: 2022 Trends and Investment Opportunities

The COVID-19 pandemic continues to impact Chinese tourism, more so because of the country’s zero-Covid policy. New trends have emerged – which has seen a surge in domestic tourism and changing travel preferences among various demographic categories. In this article, we explore how China’s indigenous tourism market is diversifying, successfully catering to the lifestyles of Gen Z and young families, and touch on the prospects for the return of China outbound tourism. We also offer insights for foreign businesses interested in China’s tourism sector and its allied service industries like retail and sustainability.

As more countries open their borders to international tourism, the absence of Chinese visitors is causing more than a little economic pain. From Phuket to Paris, major tourist destinations have relied on an average of 150 million Chinese travelers spending up to US$255 billion yearly on sightseeing. Now three years into the COVID-19 pandemic, many of these destinations are starting to realize th at it will be a while till the Chinese t ourists return. Some analysts believe that this could impose serious economic consequences on affected countries.  

Despite the rest of the world moving toward an endemic approach to the virus, China continues to implement a zero-Covid policy. As of August 2022, China has a  quarantine system   in place for inbound travelers as well as rigorous  measures that get promptly activated in case of outbreaks. Yet, it is precisely such measures that allow Chinese tourists to feel safer when traveling across provinces and have fueled the growth of the country’s domestic tourism industry.  

Nevertheless, tourism market data from China in the first quarter of 2022 showed a significant dip when compared to the same period in the previous year . Data from the Ministry of Culture and Tourism, for example, revealed that, during the New Year’s Day and Spring Festival, 52 million and 251 million people traveled across the country between the two holidays , showing a year-on-year decrease of 5.3 percent and 2.0 percent, respectively. This of course can be put down to the resurgence of Covid-19 with multiple regional and global outbreaks due to more infectious variants.   However, with the beginning of the summer holiday season, the slowdown appears to have once again reversed as ticket sales are noticeably on the rise. This presents us with a unique opportunity to zoom in on China’s tourism market and explore how it has transformed since the pandemic . We discuss who is the new Chinese traveler, look at destination trends, as well as the types of services required by the tourism market.    

The Chinese tourist profile at a glance

Family traveling at its peak   .

The pandemic has caused the decline in popularity of destinations previously famous for group travel, a revenue mainstay for the tourism industry. Chinese travelers are instead opting for different plans based on needs and preferences, giving rise to more family vacations, healthcare tours, and research trips. In particular, “parent-child tourism” has gained momentum throughout 2021 and 2022, along with the steady revival of the national tourism industry.    

The 2022 Summer Travel Market Trend Report released by Ctrip (one of China’s leading travel companies) showed that family travel packages have reached a peak in the 2022 summer booking spree. In July 2022, the number of family air tickets sold increased by 804 percent, compared to the previous month. Similarly, bookings of family-friendly hotels grew 80 percent, compared to the same period in 2021, and were up by 20 percent from 2019 – most of these bookings being concentrated in four- and five-star hotels.  

Moreover, in July, the number of families traveling from Shanghai and Beijing, as well as from other big cities in China, increased significantly compared to previous holiday periods, such as the Labor Day Holiday or the Dragon Boat Festival. The backlog of travel demand from these places was primarily due to the impact of the epidemic response in the first half of the year, which gradually eased at the beginning of summer.  

Looking at the preferred travel destinations, families with children in primary or junior high schools prefer island tours to Sanya, Haikou, Qingdao, and Xiamen , among others, largely because of their family-friendly services. These two groups of travelers have also turned their attention to the tours to the northwestern provinces of Qinghai, Gansu, and Xinjiang.  

The Ctrip air ticket data also showed that younger travelers were accompanied by more family members. For example, primary and junior high school students travel with 3.5 and 3.2 people in summer vacations, respectively. On the other hand, college students are more independent in their travel habits.  

Gen Z: T he online buyers  

As Gen Z’s purchasing power increases, travel has become a significant avenue for them to seek leisure and enjoyment. Survey data showed that over half (52.7 percent) of the Gen Z travelers surveyed looked for travel information on social media and short video platforms, including Xiaohongshu, Kuaishou, Weibo, and Bilibili. About 49 percent of those surveyed chose online travel agencies (OTAs) like Trip.com, Qunar, and Meituan. According to the research, just 16.7 percent of the tourists used offline services to obtain information.    

As of 2022, prices and budget remained the main deciding factors for Gen Z when planning their tours, followed by other elements such as transit convenience and safety. 62.5 percent of Gen Z use OTAs to book their travel, with official supplier websites coming in second, followed by social media and e-commerce sites like Xiaohongshu, Douyin, and Taobao.  

  Data also revealed that natural landscapes were the main draw for Gen Z tourists in 2022. Despite higher spending power, these Chinese travelers had little interest in visiting popular retail malls or luxury sites.  

Corporate travel  

According to data from the Global Business Travel Association (GBTA) , China took the top spot globally for business travel expenditure in 2021. Indeed, following a 38 percent drop in that same category over the previous year, China’s corporate travel expenditure increased by 31.7 percent in 2021 as the local market rebounded – more than doubling the worldwide growth rate.  

According to the study, 16.3 percent more Chinese businesses used travel management agencies in 2021 than they did in 2020. In China’s top cities , including Beijing, Shanghai, and Guangzhou, this number increased by 24.6 percent.   

By 2024, the business travel industry in China is predicted to recover and reach pre-pandemic levels, with total spending on business travel topping US$400 billion. The strong recovery momentum in China’s business travel industry is reflected in the Trip.com Group’s 2021 performance, with hotel reservations on Trip.Biz (the business-dedicated section of CTrip) increasing by almost triple digits.   

China’s latest tourism trends by destination

Peripheral or ‘short-distance’ tourism on the rise  .

With the continuous development of leisure tourism in recent years, the short-distance tourism model has gained enough market recognition and respect.   

Affected by the pandemic, many people in China still have concerns about the health risks of long-distance traveling. Several primary and secondary schools still restrict the travel of students during long holiday periods, resulting in families preferring to travel short distances and explore nearby landmarks. Local tours, “rediscovering the beauty of the surroundings”, have become popular. new trend as residents gets the opportunity to experience the place where they were born and raised.  

The improvement of both tourist facilities and services in the hospitality sector has made it possible for this type of tourism to attract a larger pool of customers.    

Rural tourism  

Holiday destinations have undergone an evolution from country to the city and back again. Against the background of rural revitalization , the government has appointed a series of “village +” destinations to promote tourism, such as the Yellow River Suji Village and the Jijiadun Ideal Village. Ctrip data shows that the order volume of rural hotels more than doubled in 2021 compared to the previous year, attracting visitors mainly born between the 1980s and the 1970s.    

In the past, rural vacations meant spending time between mountains, rivers, and the serene scenery offered by the countryside. Today’s offers are much more diversified, as enterprises combine their business models with sustainable development goals and attract tourists with higher spending capacity.  

Cultural products   

With the growing enthusiasm of young people for Chinese culture, cultural tourist offers have become more popular.    

Various museums, for example, have recently become a hot topic on the search list for nationwide destinations. At the beginning of 2022, the unearthing of cultural relics at the Sanxingdui Ruins site set off a boom in museum tourism. Similarly, the China Grand Canal Museum in Yangzhou (Jiangsu province) has become a popular tourist check-in place, so much so that it attracted a monthly audience of more than 250,000 visitors during its trial operation period alone.   

At the same time, the organic integration of traditional folk culture has become more popular, and activities such as temple blessings and intangible cultural heritage experiences, are very popular among tourists. The rural market in northern Anhui, for example, staged wonderful performances , such as Huainan Shouxian drum, Suzhou Sixian Sizhou opera, and Taihe lion lantern , among others, attracting many tourists. Various places in Fujian have carried out splendid, themed activities around the “Fu” culture .  

A sense of cultural self-confidence among young Chinese people can be attributed as the main reason for the growth of such cultural destinations and scenic spots – not to be confused with the popular “Red Tourism” .    

Closer to nature   

The data collected by Ctrip at the beginning of 2022, revealed that natural protected areas and national forest parks appeared in the top five popular scenic spots announced by over 22 cities on the mainland.  

Indeed, Chinese travelers are paying increasing attention to nature-immersive destinations. According to the report of Qiaoyou.com, more than half of the app’s users have been to at least one of the first batch of national parks officially announced in October 2021, and 83.6 percent of the surveyed people plan to travel there in the future.  

It is worth mentioning that Chinese tourists nowadays engage more with natural destinations through a variety of activities, such as photography, acquiring natural knowledge, exercising, etc. Increasing this skill set has become an important factor in attracting travelers to explore outdoor scenic spots; hiking and camping have become popular new ways to get closer to nature.  

Prospects for outbound tourism

According to recent forecasts , a ‘strong wave’ of outbound travel from China will start up again in 2023, returning to its pre-pandemic levels by 2024. Such predictions are backed by plans announced by the country’s aviation regulator, which has issued a five-year development plan , with a strong focus on expanding domestic flights and restoring international air travel by 2025.   

Chinese tourists’ interest in overseas destinations has remained attractive though recovery is still a long way off. The Asia-Pacific region remains the most popular with Chinese tourists. Most desired overseas destinations are Southeast Asia, Europe, Russia, and Japan.   

The lifting of international border restrictions in China and the incidence of COVID-19 cases in the destination country are key factors shaping Chinese decision-making about outbound travel. Travel patterns to destinations such as Hong Kong and Macao demonstrate how COVID-19 cases and quarantine requirements have an immediate effect on travelers’ decision-making.  

Innovation is key to the development of China’s tourism products

Fintech for flexibility  .

New payment patterns have been quietly emerging behind the scenes as the travel sector has steadily recovered from the pandemic slowdown. One of the most prominent developments in travel technology in recent years is the growing confluence of finance and travel. Whether it is new payment options offered by travel suppliers, improvements in the flow of funds among tourism market players, or travel agencies launching full-fledged fintech solutions, the way the travel sector does business is rapidly changing.   

Aligned with these trends, airlines, hotels, and travel agencies may seek to modify their customer loyalty programs to encourage clients to utilize their specialized services thereby entrenching their position in this high-margin market .     

Smart scenic spots  

Nearly half of Chinese tourists cited COVID-19 prevention and control measures as the most important factor when planning a trip, according to a survey. Self-guided tours, small group tours, and customized tours with less contact with strangers are preferred. This may accelerate the pace of construction of smart scenic spots.    

Through online platforms and the travel app of the scenic spot, tourists can learn about their destination, find information to support travel route planning, book tickets for scenic spots and hotel accommodation, besides online shopping for souvenirs in advance. Such services and digital products allow tourists to be informed before, during , and after their tour is completed, while also enhancing the attraction of scenic spots.    

Technology empowers hospitality  

With the deepening integration of “Internet +” tourism, information communication technology has become the driving force for tourism development.  

With newer applications of the Internet, big data, and artificial intelligence, which will get accelerated in the 5G era, digital technology is being fully integrated into the tourism industry. This has brought changes to tourism supply and consumption, promoting new business models, and higher quality development of the tourism industry overall.  

Alibaba, China’s e-commerce and technology behemoth debuted its first robotic hotel, the FlyZoo Hotel, in December 2018. This “hotel of the future” was set up in the company’s hometown, Hangzhou , by Alibaba’s online travel agency (Fliggy) together with other company divisions, including Alibaba A.I. Labs and Alibaba Cloud.   

This high-tech hotel’s major goal is to show how artificial intelligence is already changing China’s hospitality sector and how it will motivate other countries’ travel and hospitality sectors to embrace innovation.   

  FlyZoo Hotel CEO Wang Qun has frequently said in several interviews that the company would keep developing “smart brains” for automated hotels in China as well as more specialized experiences for visitors.   

Key takeaways for foreign investors

Retail shopping while traveling  .

Retail shopping while traveling is emerging as a popular consumption trend in China. The pop-up store may not be a brand-new concept, but it is making a comeback in the Chinese travel landscape. For instance, in collaboration with China Duty-Free Group, several companies, including SK-II and Clé de Peau Beauté, have opened pop-up shops in Hainan to cater to the demands of customers who have been unable to go abroad due to the epidemic.  

Clé de Peau Beauté’s pop-up shop , for instance, has hosted several live-streamed events, and offered exclusive experiences in Sanya (a top-tourist city on the Chinese island of Hainan), including a simulator room, QR codes, and AR mirrors. These features have notably improved the Clé de Peau Beauté pop-up experience, with the live stream attracting a record of 6.4 million impressions and over 700,000 views on Yizhibo.  

Meanwhile, an AI skin analyzer, animated shorts, a WeChat mini-program, as well as an AR video game were among the features included at SK-“Social II’s Retail” pop-up store (also located in the Sanya International Duty-Free Shopping Complex).   

Travel companies need to adapt  

There is a clear desire to travel, and a huge pent-up demand for outbound travel. At the same time, despite intermittent COVID-19 outbreaks, interest in domestic travel has continued to increase – particularly whenever the epidemic situation stabilizes. In this fluid market scenario, travel agencies can plan for demand spikes while also considering changing travel tastes. To better serve tourists, travel agencies may need to become more flexible with their strategies. Given frequent changes in legislation, travel agencies can be more accommodating when clients adjust their plans. Additionally, they may concentrate on nearby communities that are accessible by car, diversify their product offerings to adapt to demand changes, and foster loyalty by paying closer attention to customer happiness and the distinctiveness of the tourism experience. Travel agencies may also utilize digital channels to communicate with consumers and can customize content and presentation.  

Analyzing trends in the tourism industry suggests that China’s domestic market has much-untapped potential. Various opportunities exist for the travel industry to diversify its product offerings, such as through curated and immersive experiences or by responding to changing customer needs. In turn, tourism marketing strategies can incorporate insights from the dynamic experiences of the domestic market during the pandemic — enabling the domestic operating model to achieve long-term inclusive and sustainable growth.    

Gen Z is the new decision-makers  

Consumers no longer primarily travel for shopping. Gen Z in China, which dominates the upcoming generation of tourists, seeks different experiences when traveling. Hiking, low-altitude flying, and water sports are just a few of the trending activities researched by this new group of travelers, according to recent data .   

This shows that tourists now seek more than a pleasant travel experience. They are typically more specific about their travel goals and eager to meet individuals who share their interests. This opens space for companies to engage in the digital market and invest in social media apps that feature tools to connect with travel and tourism. Additionally, most young travelers looking for a variety of unique experiences. Since social media content is how many choose their specific destinations or travel activities, Gen Z tourists in China are eager to replicate some of the experiences they encounter on these apps. Therefore, the way to win these consumers’ hearts, particularly in this demographic group, is to offer experiences (rather than products) – which may have more personal value.  

China Briefing is written and produced by Dezan Shira & Associates . The practice assists foreign investors into China and has done so since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at [email protected] . Dezan Shira & Associates has offices in Vietnam , Indonesia , Singapore , United States , Germany , Italy , India , and Russia , in addition to our trade research facilities along the Belt & Road Initiative . We also have partner firms assisting foreign investors in The Philippines , Malaysia , Thailand , Bangladesh .

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China Online Travel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers China Travel Market Size and is Segmented by Service Type (Accommodation Booking, Travel Tickets Booking, Holiday Package Booking, and Other Services), Mode of Booking (Direct Booking and Travel Agents), and Booking Platform (Desktop, Mobile/Tablet). The market size and forecasts for the China online travel market are provided in terms of value (USD million) for all the above segments.

• China Online Travel Market Size

Need a report that reflects how COVID-19 has impacted this market and its growth?

China Online Travel Market Analysis

The Online Travel Market in China Market size in terms of transaction value is expected to grow from USD 91.21 billion in 2024 to USD 185.45 billion by 2029, at a CAGR of 15.25% during the forecast period (2024-2029).

The growing interest of excursionists for further trips has been the major factor that has been driving online trip requests in China during the review period. Inbound tourism has been offering a major share of the request owing to the growing number of youths and middle-aged people in the country who are largely interested in trip and sightseer conditioning. The advanced share of inbound tourism is the primary factor that helped the request to expand further in 2020 when the whole world was struck by the COVID- 19 pandemic, which redounded the check of transnational borders for a longer time.

Demand for long passages, which include at least five days of holidaying in the destination, is gaining further popularity in the nation, and at the same time, short passages, which last for 2-3 days, are inversely popular in the country. The growing internet application in the country is helping the market study to expand quickly in China. The drivers are fastening on attracting further guests by adding expenditure on marketing conditioning, which includes running social juggernauts. With the query clouded due to the pandemic, the demand for inbound tourism is anticipated to help the market to expand further during the original times of the cast period.

• China Online Travel Market Trends

This section covers the major market trends shaping the China Online Travel Market according to our research experts:

Increasing Internet Penetration in China is Helping in Market Expansion

According to the statistics, the number of internet users in China rose to 989 million as of December 2020, which was up by 85.4 million from March 2020. The COVID-19 pandemic motivated customers to go online for the majority of purposes. The pandemic and the resultant closure of physical stores for a limited time drove customers to book their travel online, thus helping the market studied to grow further in the country. Though the market recorded the highest figures during December 2018, with 49.5% of customers utilizing the services, it also recorded fluctuations in the total transactions owing to the uncertainty clouded due to the US-China trade war and the internal situations. However, as of the end of 2020, the penetration rate of online travel booking figured at 34.6%, with 342.44 million internet users having used the services.

Tourism Sector Growth is Driving the Market

China's macro-economy is running smoothly, and the per capita disposable income is growing steadily. With the changes in people's consumption concepts and consumption structure, the demand for tourism also increased dramatically. According to the statistics released by the Ministry of Culture and Tourism, in 2020, amid the impact of the COVID-19 pandemic, China saw approximately 2.88 billion domestic tourist trips, which is a 52.1% Y-o-Y slump. The status of the industry has continued to strengthen. With the rapid growth of tourism industry revenue and the continuous increase of online travel penetration, China's online travel industry market has also proliferated. The number of tourists traveling to and from major tourist destinations like Guangdong, Henan, Jiangsu, Shanghai, Chongqing, and Beijing exceeded or almost reached the levels seen during the 2019 Spring Festival.

China Online Travel Industry Overview

The online travel market in China is expected to be consolidated with Ctrip, Qunar, and Fliggy being significant companies. Domestic competition is expected to increase further. In addition, the growing international interest is anticipated to make the market more competitive.

China Online Travel Market Leaders

Tongcheng-Elong Holdings Limited

Meituan-Dianping

*Disclaimer: Major Players sorted in no particular order

China Online Travel Market News

• February 2022: CWT launched myCWT, a flagship platform in China aimed at simplifying business travel for companies and employees. CWT is a global B2B4E travel management specialist based in the United States. The myCWT platform offers extensive international and domestic travel content, including rail, flights, hotels, and ground transportation.
• July 2021: Trip.com, a rapidly growing global online travel agency, announced that it was the first OTA to offer Eurail and Interrail Train Passes, which are available via the Trip.com app. The passes were initially on sale in all English and German language regions and were said to become available across more countries and regions around the world later in the year.

China Online Travel Market Report - Table of Contents

1. INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Market

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMERY

4. MARKET INSIGHTS AND DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Technological Trends Influencing the Market

4.6 Porter's Five Forces Analysis

4.6.1 Threat of New Entrants

4.6.2 Bargaining Power of Buyers/Consumers

4.6.3 Bargaining Power of Suppliers

4.6.4 Threat of Substitute Products

4.6.5 Intensity of Competitive Rivalry

4.7 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

5.1 By Service Type

5.1.1 Accommodation Booking

5.1.2 Travel Tickets Booking

5.1.3 Holiday Package Booking

5.1.4 Other Services

5.2 By Mode of Booking

5.2.1 Direct Booking

5.2.2 Travel Agents

5.3 By Platform

5.3.1 Desktop

5.3.2 Mobile/Tablet

6. COMPETITIVE LANDSCAPE

6.1 Market Concentration Overview

6.2 Company Profiles

6.2.1 Trip.com Group Ltd

6.2.2 Fliggy

6.2.3 Qunar

6.2.4 Meituan Dianping

6.2.5 Tuniu

6.2.6 LY.com

6.2.7 Lvmama

6.2.8 eLong

6.2.9 Didi Chuxing

6.2.10 Mafengwo

6.2.11 Airbnb*

• *List Not Exhaustive

7. FUTURE OF THE MARKET

8. DISCLAIMER

China Online Travel Industry Segmentation

Travel e-commerce websites and review websites are part of the Online Travel business. The travel e-commerce website offers advice on various accommodations, locations, and activities, as well as information on how to get to them. To attract travelers, most governments and states have their own travel websites.

 A complete background analysis of the online travel market in China, which includes an assessment of the emerging trends by segments, significant changes in market dynamics, and a market overview, is covered in the report. The online travel market in China is segmented by service type (accommodation booking, travel tickets booking, holiday package booking, and other services), mode of booking (direct booking and travel agents), and booking platform (desktop, mobile/tablet). The report offers market size and forecasts for the online travel market in China in value (USD million) for all the above segments.

China Online Travel Market Research FAQs

How big is the china online travel market.

The China Online Travel Market size is expected to reach USD 91.21 billion in 2024 and grow at a CAGR of 15.25% to reach USD 185.45 billion by 2029.

What is the current China Online Travel Market size?

In 2024, the China Online Travel Market size is expected to reach USD 91.21 billion.

Who are the key players in China Online Travel Market?

Ctrip, Qunar.com, Tongcheng-Elong Holdings Limited, Tuniu.com and Meituan-Dianping are the major companies operating in the China Online Travel Market.

What years does this China Online Travel Market cover, and what was the market size in 2023?

In 2023, the China Online Travel Market size was estimated at USD 79.14 billion. The report covers the China Online Travel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the China Online Travel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

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China Online Travel Industry Report

Statistics for the 2024 China Online Travel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Online Travel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

China Online Travel Market Report Snapshots

• China Online Travel Market Share
• China Online Travel Companies

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China Travel High-End Market

China has seen a revival in the high-end outbound travel market with the reopening of its border. Wealthy Chinese travelers are prepared to upgrade their travel spending by increasing overseas travel frequency and duration.    These luxury travelers are demonstrating a growing preference for immersive, slow-paced, and high-quality experiences, extending to premium offerings such as first-class flights and luxury accommodations. This preference highlights a segment for businesses offering tailored services, cultural experiences, or wellness-focused packages.   Survey data reveals that nearly half of the respondents, who classify as China’s high-income travelers, plan to make at least five trips in 2023, a slight increase from 2019 averages. Planned spending for 2023 is expected to rise by 15%, with an average budget of approximately USD 15,299. The majority of respondents intend to extend their vacation duration compared to pre-pandemic levels, and over a third of these high-end travelers plan to utilize premium travel and accommodation services.    For more information contact [email protected]

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Chinese Tourists Agency

Top 7 China Travel Trends Reshaping 2023

2023 is set to be a transformative year for China’s travel industry, with new trends emerging and reshaping domestic and international tourism . To better understand these shifts in consumer preferences, we turned to data sources like Qunar and Xiaohongshu.

From Buddhist temple tourism to speedy getaways, from nearby overseas journeys to off-the-beaten-path adventures, there are seven major trends that will shape the way Chinese travelers explore the world in 2023.

Key Takeaways

• Buddhist temple tourism is on the rise in China, with travelers seeking serenity and spiritual enrichment amidst their fast-paced lives.
• Speed tourism witnessed a 240% search increase during the holiday season, with young professionals and families looking to experience new things while minimizing downtime.
• Nearby overseas journeys are gaining significant traction among Chinese travelers due to the gradually reviving international air travel , coupled with high ticket prices . Popular destinations include Thailand and Japan.
• Social media platforms like Qunar and Xiaohongshu play a crucial role in shaping consumer behavior and can help businesses tailor marketing strategies to cater to this dynamic market segment effectively.

Qunar And Xiaohongshu

Qunar is one of China’s leading online travel agencies with a user base of over 300 million registered users . This dynamic platform provides valuable insights into popular destinations, bookings, and search inquiries of Chinese travelers.

On the other hand, Xiaohongshu serves as the largest lifestyle platform in the world that ingeniously integrates community-driven content and experiences . Over half of Gen Z travelers actively seek travel information from social media channels like this sensational platform, with its unique blend of content regarding inspiration spots, authentic local finds, and vibrant storytelling shared by fellow globetrotters.

With over 140,000 brands on the platform , including domestic brands making up over half of them as of January 2023, it’s clear that Xiaohongshu is a haven for unique travel experiences.

Sacred Escapes – The Rise Of Buddhist Temple Tourism

As we explore the top 7 China travel trends reshaping 2023, it’s essential to note that social media plays a huge role in shaping consumer behavior . According to recent marketing reports from Xiaohongshu, there has been a surge of related posts on their platform associated with Sacred Escapes, which is one of the emerging Chinese travel trends.

This trend focuses on visits to sacred mountains and temples, allowing tourists to immerse themselves in China’s rich Buddhist culture. One example is Mt Emei , one of the most visited pilgrimage sites in all of Buddhism; other popular destinations include Mt Wutai, Mt Putuo, and Mt Jiuhua. These sacred spaces provide a serene atmosphere for learning about Buddhism while simultaneously enjoying the breathtaking natural beauty.

Furthermore, it encourages a different kind of Chinese traveler – more guarded and reticent, yet eager to explore their cultural roots.

Additionally, Qunar data shows that over 60% of Chinese tourists plan to travel outside mainland China in 2023 . Therefore, targeting nearby Asian destinations like Hong Kong or Thailand may be beneficial to appeal to these travelers seeking serenity off-standard tourist paths.

Speed Tourism

Speed tourism refers to traveling quickly and efficiently , usually within a short period of time, often just for the weekend or a few days during a holiday season.

This type of tourism is popular among young Chinese travelers who want to maximize their limited time by visiting as many places as possible. For example, some tourists may take high-speed trains between cities to cover more destinations in less time. The pandemic has also contributed to the popularity of domestic travel during the holidays, as international borders remain closed and people prioritize safety.

One famous example of speed tourism took place over the May holiday season when millions of Chinese took advantage of the three-day break by traveling domestically at full speed.

According to Qunar, there was a 240% increase in searches related to this trend compared to previous years.

Travel data from Travelport shows that Hong Kong is among mainland Chinese travelers’ top-booked trips for 2023, signifying its popularity as a destination for speed tourism.

Home Away From Home

As the travel industry reopens, many Chinese travelers are looking to redefine their vacation experiences. Long gone are the days of simply lounging on a beach or snapping photos outside famous landmarks.

Instead, travelers are seeking out unique and sustainable experiences that align with their values and interests. From staying in cozy and unconventional hotels to venturing off the beaten path for remote destinations, travelers now place emphasis on discovering local culture rather than just ticking off tourist attractions from a list.

According to Qunar, this trend reflects the changing preferences of Chinese outbound tourists as they become more diverse in their travel behaviors and spending patterns. Chinese youth seek out remote destinations like Qinghai Lake or Anji Bamboo Forest rather than crowded cities or popular beaches.

This trend presents an opportunity for hospitality brands to differentiate themselves by providing niche accommodation options such as luxury boutique hotels or themed lodgings that cater to specific interests or lifestyles.

One trend that is gaining momentum in China travel is the focus on unique experiences within hotels . This goes beyond traditional amenities like room service or even contactless delivery; instead, travelers are seeking out accommodations with sleep scenery, local cuisine options, and even in-room delivery robots .

Hotels are responding by investing in hospitality technology that can provide innovative solutions for guests’ needs. For example, Rice Robotics has deployed adorable delivery robots in hotels and cafes throughout Asia – allowing guests to order food or other items without leaving their rooms.

The Panda Effect

The popularity of national parks and zoos in China has surged, thanks to the adorable appeal of pandas and other rare wildlife species.

This trend can be attributed to China’s conservation efforts, as they seek to protect endangered animal species like giant pandas through initiatives like “ panda diplomacy “. National parks and zoos have become go-to destinations for tourists looking for an immersive experience with wildlife while supporting conservation efforts.

For instance, the UNESCO-built Giant Panda National Park in China is home to over 1,300 wild giant pandas, making it a popular attraction for both local and foreign visitors seeking an up-close encounter with these rare animals.

One trend that has emerged following the lifting of travel restrictions is the revival of street commerce . In particular, BBQ trails have become increasingly popular as more people venture out and explore their cities.

For example, Zibo saw a 900% tourism surge due to its famous barbecue . This trend offers opportunities for local businesses to attract both domestic and international visitors who are looking for unique dining experiences.

In March 2023, Zibo received an astonishing 4.8 million visitors, more than its local population of 4.7 million people, mainly due to the viral spread of their delicious barbecued meats online.

The impact that this trend has had on cities and regions across China cannot be overstated, as it has revived street commerce and helped businesses attract a new wave of customers drawn in by the promise of unique culinary delights.

Nearby Overseas Journeys

This trend is driven by the gradual revival of international air travel and rising ticket prices . Despite this challenge, recent data from Qunar shows that bookings for nearby destinations like Thailand and Japan have increased tenfold.

This surge in bookings occurred within 15 minutes after the announcement of new travel restrictions being lifted. Not only that, but Qunar’s data also showed a seven-fold increase in international flight ticket search volume following the announcement.

This means that mainland Chinese travelers are eager to explore nearby destinations and have more opportunities for outbound travel as restrictions ease up. The pattern illuminates the importance of keeping an eye on regional trends and adjusting marketing strategies accordingly.

In addition, younger Chinese tourists are increasingly seeking more immersive experiences off the beaten track rather than mainstream tourist attractions.

The rise of remote destinations shines through data from Xiaohongshu with users sharing about their unique experiences such as sleeping in treehouses or staying in underwater hotels instead of visiting popular hotspots like Paris or London.

Off The Beaten Track

This trend has emerged as the growing preference for less popular and remote destinations among Chinese youth. Travelers want to explore alternative destinations, indulge in local cuisine, engage in nontouristy activities, and enjoy off-the-beaten-path trips tailored to their preferences.

For instance, there has been an increase in demand for tailormade journeys that link travelers with locals who can offer insider tips on hidden gems and other unique adventures that many tourists miss out on.

This trend is also connected to the rise of digital nomadism and remote work opportunities , as more young Chinese people prioritize flexibility in their careers. As a result, we’re seeing increased interest in destinations like Yading Nature Reserve and Inner Mongolia from this new generation of travelers who are taking a reticent approach to travel.

This shift from mainstream tourism is driven by a growing preference for authentic travel and cultural immersion , as opposed to simply visiting popular tourist spots.

Xiaohongshu is playing an increasingly important role in shaping travel trends in China for 2023. This social media platform

In fact, there is evidence of the growing popularity of this trend on Xiaohongshu itself through the surge in related posts . It is popular among Chinese consumers as a source of inspiration and recommendations for off-the-beaten-track destinations.

Partner with Us to Embrace the Changing Chinese Travel Landscape!

Our agency is dedicated to assisting you with all your needs, so please don’t hesitate to reach out to us . With over 20 years of experience in marketing strategy, we are well-equipped to support you.

Looking ahead to the travel landscape in China for 2023 , we anticipate several shifts and trends that will shape the industry. Chinese travelers are increasingly seeking new experiences and adventures, such as exploring Buddhist temples , indulging in unique sleep scenery , and relishing local cuisine .

We have also noticed a rise in interest among younger travelers for off-the-beaten-track destinations and nearby overseas journeys . These emerging trends provide exciting opportunities to connect with Chinese travelers and create effective strategies.

Staying updated on the latest trends and shifts in consumer behavior is crucial. Rest assured, we are committed to providing you with continuous coverage of the evolving Chinese travel landscape.

The recent recovery of China’s domestic tourism industry, reaching pre-pandemic levels during the Labor Day holiday in May 2023, highlights the importance of remaining vigilant and updating our knowledge base. By understanding traveler preferences for emerging trends, we can help you develop effective campaigns and increase your ROI.

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7 China Retail Travel Market Trends You Must Know This 2023

As the pandemic restrictions dwindle, experts quickly noted how inbound and outbound tourism in China is slowly regaining its previous glory. With this positive market insight, Chinese consumers remain among the most sought-after groups in the travel retail industry.

The evident rise of domestic tourism in the past few years made major travel retail destinations abroad more eager to attract Chinese travel shoppers their way.

However, the changing preferences of Chinese travelers aren’t as simple as you think. If foreign businesses want to divert the growing demand for domestic tourism in China, they must know the evolving needs of this consumer group.

In this article, we’ll share insights on China travel retail market and discuss how foreign businesses leverage the growing number of Chinese traveling consumers.

Table of Contents

What does “Travel Retail” mean in China?

“Travel Retail” refers to the sales of goods and services to Chinese consumers within transportation hubs such as airports , railway stations , and border crossings worldwide. This concept has gained significant importance in recent years due to the exponential growth of travel and tourism in China.

Over the years, mandatory prior reporting and prolonged layover periods in airports have a joint venture into fueling the duty-free travel retail market.

And with more disposable income each year, new Chinese tourists are expected to generate more revenue for the travel retail industry. The rapid rise of this consumer sector is also mainly due to its focus on luxury goods , duty-free items , and technology-driven shopping experiences .

How big is the Chinese travel retail market?

The noticeable scale of massive international travel consumption from Chinese consumers started around 2019 when the country recorded high air traffic of 155 million outbound trips . If you look at the previous data, it’s three times larger than the data from 2010.

And while the Chinese travel retail market isn’t immune to the effects of the international travel decline in 2020, the segment managed to bounce back and maintain a decent market size of $20 billion in 2023.

The rise of domestic travelers in 2021 led the profitable industry to shift focus to local duty-free shops, achieving annual growth of 66.8% .

As more customers return to travelling in and out of the country, the travel retail market growth within the forecast period of 2023-2028 is expected to reach around $64.23 Billion . This major share insight proves that China is still one of the industry leaders in the travel retail sector.

Photo de Kiwihug sur Unsplash

7 Shopping Tourism Trends in China’s Travel Retail Market

The travel retail market in China includes ever-evolving consumer dynamics. From the profound influence of Generation Z to the top social media channels transforming the landscape, here are some trends foreign businesses must take note of to attract Chinese travel shoppers.

1.    China’s Gen-Z are leading the travel shopping market

As discussed in the recently concluded TR Consumer Forum, 66% of Chinese travelers going abroad were aged 34 or below. So if you haven’t been paying attention to China’s Generation Z, now is the time to start.

Like their global peers, China’s 90’s kids emphasize self-expression and expect brands to be socially and environmentally responsible.

However, China’s Gen Z also strongly values their national identity and prefers Chinese brands, including C-beauty products. It’s a significant shift from older generations who considered foreign premium brands a symbol of quality and social status.

Foreign brands aiming to attract Chinese shoppers in the travel retail market must put in extra effort by showing a deep understanding of the local business scene.

Brands must stand out as responsible entities with well-defined values in China and worldwide. It can involve transparent supply chains, fair trade labels, charitable donations, and community involvement.

2.    Chinese duty-free shoppers often plan their purchases

Did you know that most Chinese travelers who buy duty-free items in physical stores go out of their way to plan what they’ll purchase?

Unlike before, Chinese tourists don’t solely rely on online travel agencies to plan their trips. The recommendations and trends via social media platforms are the catalysts of this change. Because of this influence, they also have more control over which foreign or duty-free goods they want to purchase during their travels.

The tradition of Chinese travelers planning their shopping well ahead of tim e has become even more prevalent than before the pandemic.

Most consumers begin planning their shopping lists even before setting off for the airport, regardless if they’re planning to splurge or just pick up a few products. More often than not, travelers already know what they’re going to get due to the extensive reach of top Chinese social media platforms.

This purchasing behavior gives foreign duty-free retailers a fantastic opportunity to connect with consumers in advance.

And if you’re unsure of how to do this, we suggest seeking the help of a reliable digital marketing agency to handle your targeted advertisements, marketing campaigns, or WeChat mini-programs.

3.    Peak Chinese travel retail consumption during holidays

Notably, Labor Day Weekend and National Day Golden Week are prime periods of heightened leisure travel activity in China. It’s also the season when the retail travel market is booming.

While most festivities within the country attract more domestic travelers, the May Day holiday is anticipated to boost sales due to the surge in outbound travel from China to international destinations. Because of this, brands must prepare to engage with a travel-ready audience.

Hainan Duty-Free Shopping Mall. Source: DaoInsights

4.    The Hainan shopping experience effect

One of the retail market facts you must know is that Hainan free trade port has a high potential to be the biggest duty-free market globally.

From 2020 to 2021, duty-free sales in Hainan increased by 83%. In 2021, the number of shoppers grew by 73%, reaching over 10 million people. Duty-free purchases also increased by 71%, totaling around 49.5 million transactions compared to the previous year.

Hainan province has become a hotspot for travelers looking to purchase luxury goods , like premier branded clothes, fashion accessories, etc. Its expanding market size makes more luxury brands attempt to enter this local sector.

Source: Offshore duty-free sales value in Hainan, China 2012-2022

Foreign duty-free operators should also know that some Chinese travel shoppers are now noting price differences through Hainan’s WeChat mini-program .

And because the duty-free market in Hainan province is the standard for first-time Chinese outbound travelers, overseas shopping malls and brands are highly advised to recreate a similar shopping experience to attract this consumer group.

5.    The demand for luxury goods during outbound travels

The revival of Chinese outbound tourism also heightened the local consumers’ appetite for luxury goods in the travel retail market. If you look at the graph below, you’ll see that China still covers a whopping 17% of the global luxury market expenditure.

Although the market saw a bit of a decline in 2022, it doesn’t change the fact that international travelers from China are avid consumers of luxury items.

Source: Chinese consumer expenditure share in the global luxury market 2019-2022

6.    The Chinese Market is extremely digitalized

The outbound travel restrictions during the pandemic have made the Chinese market rely on digital channels, like cross-border e-commerce platforms , to gain access to foreign goods available in duty-free shops.

While offline duty-free business owners took a blow during the pandemic, digital technology managed to bridge the gap between consumers and brands.

The blend of online and in-person platforms has played a role in boosting the travel retail sector.  Foreign businesses use innovative technologies like augmented reality marketing and live streaming to attract customers and raise brand recognition, contributing to industry growth.

For example, the shift towards online shopping and e-commerce platforms has given China Duty-Free Group to bounce back in the travel retail market. The group’s expansion in WeChat mini-programs and other social commerce apps helped them generate over 24 million members in the third quarter of 2022 .

And now that the country has relaxed entry and exit policies, the China Duty-Free Group also has seen a significant 29.68%  rise in their 2023 sales.

7.    The convenience of mobile payments

For Chinese individuals new to traveling, creating a welcoming atmosphere with recognizable payment methods and signage in their language becomes crucial for their comfort when visiting international duty-free shops.

Overcoming the payment hurdle is significant, as Chinese consumers prefer using mobile payment methods, particularly WeChat Pay and AliPay , which should be embraced by foreign brands looking into tapping this market.

Besides duty-free charges, Chinese tourists seek out these payment methods for loyalty programs and discounts.

How do traveling Chinese consumers differ from other shoppers?

Chinese consumers exhibit a solid inclination to share their shopping experiences online, a trend particularly prominent among Generation Z. This consumer group highly regard the opinions of their peers, with 62.8% of Chinese Gen Z expressing their willingness to share favored products on the Internet.

Additionally, 53% acknowledge discovering brand-new brands through social channels . Because of this, offline stores abroad are now eager to invest in building an extensive social media presence in China by utilizing platforms like WeChat Moments, Xiaohongshu, Douyin, etc.

Furthermore, a distinctive e-commerce phenomenon among local consumers is the concept of ‘community group buying’ or CGB . It’s a prevalent trend in the travel retail industry as it facilitates collective purchasing via platforms (WeChat mini-programs or Pinduoduo) to pool orders and access bulk discounts.

Ready To Dominate The Chinese Travel Retail Industry? Get In Touch With Us Today!

The changing consumer behavior and traveling appetite in China is a challenge many foreign brands must learn to overcome to thrive in the travel retail industry.

At Sekkei Digital Group, we deeply grasp the intricacies of the Chinese retail travel market – encompassing consumer behaviors and the ever-shifting dynamics that define it. Leveraging our extensive knowledge in this specialized field, we can assist you in tapping into your brand’s potential and establishing a commanding presence as a frontrunner in the industry.

Whether it’s crafting compelling advertising campaigns, utilizing social media platforms, or making waves with PR, we have the digital solutions you need. Contact us today , and let us help you navigate the intricacies of the Chinese retail travel scene.

References: How Chinese Shoppers Approach Travel Retail in 2023

China leads in post-pandemic travel retail. Here’s how brands can attract Chinese traveling consumers

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Foreign entrepreneurs capitalize on China’s thriving travel market

China's booming tourism industry boosts confidence in international travel service providers to seek further cooperation in the Chinese market.

"I'm very excited about the markets at the moment. We've seen very strong recovery travel internationally. We've seen a lot of expansion over the past year. And as we look ahead, this year is set to be the year when in every market we'll be reaching pre-pandemic levels in travel recovery," Christopher Evans, CEO of Collinson, told chinadaily.com.cn during an interview at the 2024 Travel and Transportation Innovation Summit in Beijing.

Collinson, a global travel service provider, is also the operator of Priority Pass program. The airport experiences program provides travelers with access to over 1,500 airport lounges and travel experiences in over 700 airports in 145 countries.

At the summit, Collinson announced a strategic alliance with Joyful Journey Group, a Chinese air and rail digital travel experiences provider to set up a joint venture in China named "Joyful Journey Priority Pass".

"China is poised to become the largest travel market the world, both from a domestic perspective but also from an outbound perspective, which represents a significant opportunity for anyone that's involved in the industry," said Todd Handcock, global chief commercial officer of Collinson.

"Commercial ties between the UK and China are a vital part of our bilateral relationship, investment and transport and travel is fundamental to deepening trading," said Rahul Ahluwalia, deputy trade commissioner and minister counsellor of British Embassy in China. "I'm delighted that the UK and China are working together to seize these opportunities. "

The 2024 Travel and Transportation Innovation Summit, themed "Scenario Integration and Cross-Border Development" was held in Beijing. Hundreds of experts and key industry leaders gathered to explore the future trend of innovation within the extensive travel sector.

China’s uneven travel recovery: Long road to international travel furthers domestic opportunities

China’s travel industry remains on an uneven recovery path. The domestic market has weathered disruptions and resumed pre-COVID-19 growth while China’s outbound travel is still extremely limited and has not seen any meaningful recovery to date. As outbound travel is likely to remain muted for the next 12 to 18 months, it is imperative that travel companies double down on opportunities in the domestic travel market.

Chinese travelers are looking to experience local destinations and new travel offerings, particularly as higher-end travelers “re-shore” overseas demand. Trends indicate that there is significant demand for outdoor experiences as well as integrated luxury offerings that act as alternatives to a traditional packaged tour. Travel companies that have adapted their products, and the ways they market them, to cater to domestic demand have pulled ahead of the competition.

Domestic travel has made a strong recovery

Chinese domestic travel has seen a world-leading post-pandemic recovery, rebounding to surpass 2019 peaks. Travel companies are still adjusting capacity and offerings to cater for pent-up demand, but the outlook across the sector is clearly positive, with demand passing pre-COVID-19 levels coming out of the May national holiday. In fact, major online travel agencies have noted domestic travel’s great momentum in April and May and describe a full recovery in long-distance travel across provinces.

Increases in air and rail travel, and hotel bookings, clearly illustrate the rebound in domestic travel. Domestic air travel passenger numbers have seen an 8 percent increase compared to 2019 figures, and seat capacity is consistently 15 percent above 2019 figures as airlines have redeployed fleets from international routes to service the domestic market. Rail travel is also on the increase, with passenger numbers at approximately 95 percent of pre-COVID-19 levels. This slightly slower recovery compared to air travel may be due to rail prices remaining constant, while air travel prices decreased due to deeper discounts. Hotel bookings are up 6 percent compared to 2019 during the May holiday (Exhibit 1).

Domestic recovery is still exposed to public-health setbacks as government responses to COVID-19 outbreaks temporarily disrupt travel. For instance, in January 2021, COVID-19 cases in Hebei province prompted government travel guidance which dented nationwide demand over the peak Chinese New Year period. Consequently, air and rail passenger numbers both fell 40 percent compared to pre-COVID-19 levels, and our Chinese-traveler sentiment survey showed a drop in traveler safety confidence at this time. 1 Guang Chen, Will Enger, Steve Saxon, and Jackey Yu, “ China’s travel sector is undergoing a nonlinear recovery: What should companies do? ,” McKinsey & Company, March 2021, McKinsey.com. Similarly, a June 2021 outbreak in Guangdong significantly impacted the travel industry in the province—hotel occupancy in Guangzhou and Shenzhen was down 75 percent by mid-June, and flight seats booked to the province fell by 50 percent.

But there are signs that the impact from single province outbreaks is becoming more contained as the national market appears to be more resilient. For instance, data show stable hotel occupancy in June for the greater Shanghai and greater Beijing areas, with Guangdong flight seat capacity surpassing 2019 levels (Exhibits 2 and 3).

There is also the macroeconomic dimension to consider. China is leading the global economic recovery, reporting 2.3 percent GDP growth in 2020, and 12.7 percent GDP growth in the first half of 2021.

Consumers may want to travel abroad, but re-orienting outbound travel to the domestic market can bring economic benefits. Pent-up consumer demand is clearly present—our January 2021 survey revealed that the share of respondents who want to travel abroad on their next holiday (43 percent) exceeded those who had domestic travel plans. But shifting tourism spend to the domestic market represents meaningful stimulus. Chinese travelers spent $255 billion internationally in 2019, approximately 1.5 percent of GDP. This stimulus is in line with policymakers’ rebalancing goal to boost ‘domestic circulation’.

And limiting inbound travel has limited economic impact. International tourism receipts represented less than 0.3 percent of China’s GDP in 2018. 2 UNWTO; 2018 data.

China’s outbound travel is likely to remain muted for 12 to 18 months

Outbound travel is still extremely limited and has not seen any meaningful recovery to date: international flight seat capacity and passenger numbers remain down by 95 percent compared to pre-COVID-19 levels. Furthermore, stringent public health measures for international travel remain in place. Government guidance is that all nonessential outbound travel should be avoided. For inbound or return travel, passengers require predeparture negative antibody and PCR tests, and the “14+7+7” quarantine system (14-day centralized hotel quarantine; one-week at-home isolation; one-week health monitoring) has been in place since January 2021.

Cross-border travel may take longer than anticipated to recover. Scaled outbound flows are unlikely to resume before the second half of 2022, or the first half of 2023. Various factors will influence when, and at what pace, international travel is likely to reopen. Given the differences in vaccine rollouts across countries, international travel may resume for different countries at different times. Box 1 details three country archetypes based on different stages of vaccine rollouts and the implications for international travel. Public-health factors will also influence how and when China will be able to lift cross-border travel restrictions, but a gradual re-opening is the most likely scenario.

Public-health factors will influence travel restrictions

Countries may open to international travel at different times.

We have identified three country archetypes that take into account the evolving viral spread and uneven global vaccine rollout dynamics. Countries in these archetypes may open up international travel at different times, and countries might change strategy and therefore move beyond categories:

• ‘High-vaccination’ (e.g., United States, United Kingdom, part of EU). These North America and Western Europe countries have reached high overall immunity. For example, 70 percent of UK citizens over the age of 18 had been fully vaccinated by late July. ‘High-vaccination’ countries is starting to open travel to each other’s vaccinated passengers during late summer. The UK has already opened quarantine-free entry to travelers vaccinated in the US, with COVID test still required. However, these timelines are expected to vary and any reciprocal corridor arrangements may remain vulnerable to interruptions due to the on-going Delta-driven wave of cases, which is reversing transitions toward normalcy across these countries. For instance, France and Germany tightened vaccination and testing requirements during the Delta outbreak in the first half of July.
• ‘Case controllers’ (e.g., China, Australia, New Zealand). These countries have accelerated vaccine rollouts, but continue to use public-health measures which have successfully limited case counts, including entry quarantines and measures to control chains of transmission. ‘Case controllers’ continue to use strict quarantines as neither vaccines nor tests are 100 percent effective, particularly against emerging virus variants. Hence any re-opening without quarantine risks rising COVID-19 case burdens in populations with limited immunity levels. These countries are not expected to remove significant quarantine restrictions on travel with other archetypes until domestic immunity is high, projecting into 2023. Travel bubbles between ‘case controllers’ can be set up, but there are few success cases to date and any bubbles will likely remain fragile.
• ‘At risk’ (e.g., Brazil, India, Vietnam). These countries are currently experiencing COVID-19 outbreaks or are at a risk of a major outbreak given their low to moderate immunity and limited resources for public health measures. Without accelerated access, vaccine rollouts in these counties may take until 2023, leading to significant travel restrictions with all three other archetypes.

All countries face complex choices around lifting cross-border travel restrictions, especially those that have relied on public-health measures, including quarantines, to successfully limit case counts. We view considerations for Mainland China to be weighted toward a cautious reopening with full quarantine roll-back unlikely for at least the next 12 to 18 months.

In terms of public health, China has impressively accelerated its vaccine rollout, with over 1.5 billion doses now administered, up from 5 million noted in our last report in March. 3 The National Health Commission of the People’s Republic of China reports that as of July 27, 2021, China has administered over 1.5 billion doses of vaccines, http://www.nhc.gov.cn/xcs/yqjzqk/202107/d9fb9651e6214f648a412d9b892c684d.shtml. Some domestic virology experts have suggested that China might be able to reach herd immunity as early as the end of 2021.

However, while an accelerated rollout is necessary, it may not be a sufficient condition for robust reopening as vaccines are not 100 percent effective. Specifically, publicly available efficacy data on the main vaccines used in Mainland China suggest the efficacy of these jabs is lower than some vaccines developed in Western countries, particularly for older adults. 4 For the Sinovac (CoronaVac) vaccine, in emergency use approval, the WHO cited 51% efficacy against symptomatic disease for 18-60 year-old adults but noted that efficacy could not be estimated for older adults due to small enrollment in trials. The manufacturer has not officially released peer-reviewed Phase III trial data although researchers from various countries (e.g., Brazil, Turkey, UAE) have reported efficacy results in the Journal of American Medicine and The Lancet which range from approximately 40% to 85%. There are no published results on effectiveness against the Delta variant. For the Sinopharm vaccine, in its approvals for emergency use, the WHO cited 79% efficacy against symptomatic disease for adults 18-59 years old based on interim results from Phase III trials (UAE, Bahrain, Egypt, Jordan). However, the WHO noted a “low confidence in the quality of evidence” on efficacy in older adults based on results available to date. The manufacturer has also not officially released peer-reviewed Phase III trial data. There are no published results on effectiveness against the Delta variant. However, available data remains variable and incomplete.

At the time of writing, China was battling its largest outbreak since 2020, leading to strong lockdowns again and domestic travel restrictions. While this wave of outbreak is still yet to be completed, it is believed that China will continue to see success with its “zero case” playbook—Quarantines for cross-border arrivals play an integral part in reducing transmission. In addition to the “14+7+7” quarantine system, compliance is tracked with QR health codes, for instance when entering residential compounds and offices, or boarding taxis and trains. These codes also support containment measures which can be deployed down to the district or individual residential community level. During outbreaks, authorities continue to deploy mass testing and mandatory home quarantines. For example, in Guangzhou 18 million tests were conducted over three days in June, with home lockdown for residents in affected districts who were required to show three consecutive days of negative nucleic acid tests before being allowed to leave.

Even as China is containing the spread of COVID-19, many key Chinese travel destination markets are seeing a worsening pandemic situation, such as Japan, Korea, most Southeast Asian countries, and Australia. Many of these countries are no longer travel-bubble candidates.

Cross-border travel will reopen gradually

As China cross-border travel does gradually reopen, outbound leisure—especially group travel—is likely to be the last trip type to see restrictions relaxed. Initial stages could see shortened and/or more flexible quarantines paired with testing to facilitate essential business travel and family reunions. Outbound leisure travel will likely only recover in 2023 as this requires quarantine-free travel to a pool of attractive destinations.

We expect the balance of public health and economic incentives for this opening to remain weighted toward caution for policymakers, while demand from Chinese consumers will likely remain limited as long as COVID-19 safety concerns persist.

Meanwhile, despite several false starts, we do still see a role for travel bubbles between China and other ‘case controllers’. However, getting these bubbles off the ground remains challenging and we expect the total impact on Chinese international travel to be limited. Travel bubbles require established trust in public-health management across partners, and extended negotiation timelines. Even once they are in place they remain vulnerable to unexpected shifts in the local COVID-19 situation. For instance, an outbreak in June caused Macau to reimplement 14-day quarantines for Guangdong travelers, as Guangdong accounts for roughly 70 percent of arrivals from Mainland China.

However, the prevalent ‘test-fly-test’ bubble model still limits attractiveness for Chinese travelers—the Macau bubble is a case study that demonstrates a low growth ceiling under these conditions. Mainland tourist arrivals in Macau rebounded in the third quarter of 2020 to between 20 and 30 percent of pre-COVID-19 levels after quarantine-free travel resumed, but had stagnated even before the further shock from the June Guangdong outbreak (Exhibit 4).

Hong Kong, which topped pre-COVID-19 destinations for travelers from Mainland China—at 19 percent of total outbound trips—represents a logical extension of the Macau bubble model. A Mainland China-Hong Kong bubble has been discussed for over a year but tangible progress has remained limited to date. Recent media reports indicate that any bubble would begin with business travel between Hong Kong and Guangdong and not include leisure travel. The Macau case suggests that even once quarantine-free leisure travel is resumed, it would not rapidly recover to pre-pandemic levels.

Most other reasonable candidates for a Mainland China travel bubble are not large-scale travel destinations. Other ‘case controller’ markets are unlikely to move the needle on international travel, for example Australia only accounted for 1 percent of outbound trips in 2019, New Zealand 0.4 percent, and Singapore 3 percent.

Ultimately, decisions about how much and how fast to open travel, across types and destinations, belong to Chinese policymakers.

Sustained tailwinds for the domestic market

The silver lining to China’s international travel remaining restricted is domestic market opportunities, such as new destinations, new experiences and new ways to approach customers. New destination hot spots are emerging, particularly in western China, as the trend toward outdoor experiences gains traction. Solidifying a trend we noted in our last report, the domestic leisure travel heatmap is shifting. This shift is led by higher-end travelers ‘re-shoring’ overseas demand. For example, in a leading online travel agency’s list of top-ten May holiday destinations, five of the ten are new destinations not on previous year’s lists. And four of these five are natural scenery driven destinations; three of them in western China (Exhibit 5).

Hainan also remains a popular destination, possibly as a substitution for a Southeast Asian beach holiday or duty-free shopping trip. Duty-free sales in Hainan grew by 226 percent in the year to July 2021, with $1.5 billion spent during the five-day May holiday alone.

Furthermore, Chinese travelers are gravitating toward premium, integrated experiences that move beyond the packaged tour stereotype. Luxury and upscale hotels have outperformed on occupancy and average daily rate in 2021, with a 5 to 15 percent higher occupancy than 2019 during holiday peaks. By comparison, midscale and economy hotels are still between 10 and 15 percent below 2019 levels. Affluent Chinese used to head to Hong Kong or Japan for the weekend for shopping and relaxation—significant amounts of that spend are now being redirected domestically.

Chinese consumers, already the world’s most digital, spend more than 65 percent of their online time on social content, and online time has increased by 20 percent since the pandemic. Chinese consumers now spend over 7 hours a day online. While personal recommendations and mass marketing still matter, social media and streaming are key emerging sources of inspiration for travel destinations. Our survey data indicates that 57 percent of consumers have been inspired by influencers who introduce them to travel destinations online, while 26 percent have been inspired by travel advertisements on video streaming platforms.

Local travel companies are shifting towards direct-to-customer (D2C) distribution models. For instance, some mid-tier hotel chains with strong IP elements now generate 80 percent of their sales from social D2C channels across WeChat and proprietary apps.

Travel players looking to capitalize on these trends could take the following three steps: First, companies could upgrade their brand positioning and portfolio, aligned to growth destinations and emerging re-shoring themes such as increased demand for outdoor experiences and natural scenery. Second, they could refresh or develop new integrated “tourism-plus” products for sophisticated consumers. Finally, travel companies could keep their digital marketing engines well-oiled to match the evolving social landscape.

China’s outbound travel is still extremely limited and has not seen any meaningful recovery to date. Furthermore, stringent public health measures for international travel remain in place and cross-border travel is unlikely to resume at scale before the second half of 2022, or the first half of 2023.

Many travel companies had made plans for ‘hockey stick’ growth in China outbound travel, but the delayed reopening outlook demonstrates a heightened imperative to win domestic customers. And re-orienting outbound travel to the domestic market can bring economic benefits—Chinese travelers spent $255 billion internationally in 2019, and these travelers may now be looking for local travel experiences instead. On the other hand, for companies had been focusing on outbound travel demand, the upcoming 12–18 months remain challenging. Rethinking business focus in short term and more agile preparation for the reopening of international travel in mid-term is equally crucial to sustain relevance in the market.

Trends indicate that opportunities are emerging in the domestic market. Chinese travelers are gravitating toward outdoor experiences as well as luxury integrated offerings. And how consumers choose these offerings is also changing—social media channels are now key sources of inspiration for travel destinations.

It is critical to diversify travel offerings and marketing models to cater to the domestic market. Travel companies that have done so are reaping the benefits.

Guang Chen is a partner in McKinsey’s Hong Kong office, where Matthew Phillips is a consultant and Jackey Yu is an associate partner; and Steve Saxon is a partner in the Shenzhen office.

The authors would like to thank Zi Chen, Carrie Ma, and Anchit Sood.

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Watch CBS News

The solar eclipse could deliver a $6 billion economic boom: "The whole community is sold out"

By Aimee Picchi

Edited By Alain Sherter

April 6, 2024 / 6:00 AM EDT / CBS News

Steve Wright said he first heard about the total eclipse on April 8 four years ago, when a visitor booked the first room for the event at Vermont's Jay Peak Resort. Wright, the resort's general manager, said he soon started hearing rumblings from other ski areas. 

"They said, 'The hype is real'," he recalled, adding that he's never seen anything quite like the visitor excitement over the eclipse.

That early prediction turned out to be prescient, with Wright noting that all of Jay Peak's 900 rooms have been fully booked for April 7 — at a cost of about $500 per night — for a year and a half. By comparison, the resort had roughly 80 bookings on the same day last year. Roughly 800 rooms are booked for April 8, the day of the eclipse. 

Indeed, tourists are getting into the spirit of the rare celestial event, a major boon for local businesses across the eclipse's direct path. 

One couple is getting married at the 4,000 summit of Jay Peak during the eclipse, while the resort will have a Pink Floyd cover band paying "The Dark Side of the Moon" at the base. And with more than a foot of snow forecast to arrive just ahead of the eclipse, skiers are also likely to hit the slopes as the moon and the sun align. 

Wright said he expects his resort to book as much revenue over the April 5-8 weekend as it typically would during the entire month of April. 

"It has been well advertised that we're at the end of the path of totality and we will have the best look at the eclipse, at over three and a half minutes," he told CBS MoneyWatch, adding the event is giving a boost not just to Jay Peak, but to the entire region, a rural part of Vermont that is known for scenic farms and ski areas. "The whole community is sold out."

The total solar eclipse isn't just throwing shade across the dozen states in line for the astronomical event — it's also shining an economic bonanza on states from Texas to Vermont. The eclipse could bring a financial boost of as much as $6 billion, thanks to increased spending on hotels, restaurants and travel, according to an estimate from the Perryman Group, an economic analysis firm. 

"It is amazing how much this has captured the imagination," Ray Perryman, an economist and CEO of the Perryman Group, told CBS MoneyWatch. "It'll be concentrated in a short period of time, but it does give these cities an opportunity to show themselves off, including the smaller cities."

The eclipse is likely to jolt local economies partly because of its timing, Perryman noted. Americans have returned to their pre-pandemic travel habits, while the event is occurring in spring, when people are more likely to want to travel than in winter. 

"There's also the fact that we won't have another eclipse like this for many years," he said.

Tthe next total solar eclipse visible in the U.S. won't occur until 2045, according to NASA.

"It's not only a scientific phenomenon, but an emotional one as well," Dan Schneiderman, the eclipse partnership coordinator at the Rochester Museum of Science, told CBS News. 

Bill Nye and Dark Side Stout

April 8 will bring viewing parties across cities both large and small that lie in the eclipse's path. Events range from the Eclipse-O-Rama 2024 with science expert Bill Nye in Fredericksburg, Texas, at $325 per ticket, to a NASA-sponsored gathering  at the Indianapolis Motor Speedway (a more budget-conscious $20 per ticket.)

Companies also are issuing special commemorative items to draw people to their viewing parties, such as Rohrback Brewing Co. in Rochester, New York (a city in the path of the totality), which is making the Rohrbach Totality Black Lager. Switchback Brewery in Burlington, Vermont — another city that will witness the totality — will release Dark Side Stout for attendees at its April 8 event. 

"It's a great opportunity to market our city, and as a place where people might want to live one day,"  Malik Evans, the mayor of Rochester, New York, a Rust Belt city whose fortunes have drifted as once powerful manufacturing companies like Xerox and Eastman Kodak declined, told CBS News. 

Texas is forecast to enjoy the biggest economic gains at about $1.4 billion, according to Perryman's estimates. He said that's partly due to Texas' large population and to the number of big cities, like Austin and Dallas, that are in the path of the totality. 

Vermont, whose population of 650,000 makes it the second-smallest state in the nation, is expecting as many as 200,000 people to come to the state to witness the eclipse, CBS Boston reported . Its economic boost could reach $230 million, one of the smaller financial impacts for the states in the path of the eclipse, Perryman projected. Still, it's a significant bump for a state with annual GDP of about $43 billion. 

How much do solar eclipse glasses cost?

Americans are also spending on gear to properly watch the eclipse because gazing at the event without eye protection can permanently damage your vision. Sunglasses don't offer enough shielding to prevent harm to your eyes, either. 

Instead, people should buy solar eclipse glasses that have been approved by the American Astronomical Society and adhere to the ISO 12312-2 standard. A six-pack of glasses with this standard can be found at Amazon for about $16, or less than $3 a pair. 

But consumers can also pick up eclipse glasses as promotions at various retailers . For instance, Sonic Drive-In is now selling a Blackout Slush Float, with each purchase of the celestial-inspired drink coming with a free pair of eclipse viewing glasses. Eyeglass company Warby Parker is also giving away eclipse-viewing glasses through April 8. 

Even though the totality itself will only last a few minutes on April 8, businesses could get a boost all weekend, Perryman noted.

"It's almost a like a concert that causes people to come into town, but they might do other things and see other things," he noted. "I'm intrigued by the benefit for the small towns."

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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China's stock market struggles

Chinese stock indexes touched multi-year lows in February. The selloff was a culmination of months of frustration over the sputtering economy and a lack of forceful policy stimulus measures.

Chinese stocks have been sliding since 2021, pushing the government to introduce a wide range of measures over the past year to try to revive the market.

The chart shows the three indexes with text saying China’s CSI300, an index that tracks top 300 stocks traded in the Shanghai and Shenzhen stock exchanges, has been sliding since it hit its peak in January 2021.

Aug. 18, 2023

China’s top securities regulator, the China Securities Regulatory Commission (CSRC), unveils a package of measures aimed at reviving the sinking stock market, including proposals to cut trading costs, to support share buybacks, and to encourage long-term investment.

On August 18, 2023 China Securities Regulatory Commission (CSRC), the country’s top securities regulator, unveiled a package of measures aimed at reviving a sinking stock market including a proposal to cut trading costs, supporting share buybacks and encouraging long-term investment.

• Aug. 28, 2023 : China halves the stamp duty on stock trading.
• Sept. 1, 2023 : CSRC tightens scrutiny over program trading.
• Oct. 23, 2023 : China's state fund Central Huijin Investment says it is buying ETFs.
• Oct. 30, 2023 : Dozens of listed companies unveil share buyback and purchase plans, presumably heeding Beijing’s call for support in the market.

The chart shows other measures taken. On Aug. 28, 2023, China halved the stamp duty on stock trading. On Sept. 1, 2023, CSRC tightened scrutiny over program trading. On Oct. 23, 2023, China's state fund Central Huijin Investment said it is buying ETFs. On Oct. 30, 2023, dozens of Chinese listed companies unveil share buyback and purchase plans, presumably heeding to Beijing’s call for supporting the market.

• Nov. 27, 2023 : Beijing exchange bans major shareholders in listed firms from selling stock.
• Dec. 1, 2023 : State-owned China Reform Holdings Corp says it has bought tech-focused index funds.
• Jan. 22, 2024 : China's cabinet says it will inject funds into the capital market.
• Jan. 24-28, 2024 : Regulators place more restrictions on lending/borrowing shares. Central bank eases monetary policy.

On Nov. 27, 2023, Beijing exchange banned major shareholders of listed firms from selling stock. On Dec. 1, 2023, state-owned China Reform Holdings Corp said it bought tech-focused index funds. On Jan. 22, 2024, China's cabinet says to inject funds into the capital market.. On Jan. 24, 2024, regulators place more restrictions on lending/borrowing shares. Central bank eases monetary policy.

Feb. 2, 2024

Despite these new measures, the CSI300 falls to its lowest level since 2019.

On Feb. 2, 2024, CSI300 falls to its lowest level since 2019.

Feb. 5, 2024

The Shanghai SE composite hits its lowest level since 2019 on an intraday basis.

On Feb. 5, 2024, Shanghai SE composite hit lowest since 2019 on an intraday basis.

Feb. 7, 2024

China replaces CSRC head with new boss Wu Qing.

On Feb. 7, 2024, China replaced the CSRC head with Wu Qing.

The graphic shows three indexes — Shanghai SE Composite, CSI300 and Hang Seng China Enterprises Index — from Jan. 2, 2023 to Feb. 26, 2024 with a timeline of major measures taken by the China Securities Regulatory Commission aimed at reviving the sinking stock market.

After the Lunar New Year holiday in 2024, the CSRC under the new boss Wu Qing, held a series of seminars with market participants who proposed tighter scrutiny of listings and trading behaviour to revive market confidence. Shortly after, CSRC barred major quant fund Lingjun Investment from buying and selling for three days after stock exchanges said it broke rules on orderly trading. The CSRC said it would mete out increasingly tough penalties on fraudulent listings, accounting scams and misappropriation of funds by big shareholders. Lingjun apologised for the negative impact in a statement on its website in February. The firm said it "holds long-term bullish views on Chinese stocks and will stick to long positions," adding it will review the problems existing in transactions.

What is ailing China's stock market?

China’s tough three-year zero-COVID policies hurt business confidence, and hindered domestic demand, production and investment. Despite an initial bounce in activities after Beijing lifted lockdowns in early 2023, the economic recovery remains bumpy and uneven. Consumers are not spending, prices are falling and the deflation risk is affecting company earnings. More and more companies are turning to overseas markets for growth.

Real estate

China's real estate sector, which contributes about a quarter of GDP, has been in a prolonged downturn. New home prices saw their worst declines in nine years in 2023. A number of top property developers have defaulted on their debts in the past few years and have been struggling to deliver unfinished projects. Property giant China Evergrande Group’s liquidation in January this year dealt a fresh blow to market confidence.

Sino-U.S. tensions

Competition between the U.S. and China has spread from technology to trade and finance. The Biden administration has restricted certain U.S. investments in China. Large pension and endowment funds in the U.S. and its allies have also cut China’s exposure to avoid political risks.

Regulatory crackdown

China’s crackdown on the tech sector has wiped out over $1 trillion of value from its big tech companies since November 2020. Foreign direct investment fell to a 30-year low in 2023 as companies moved manufacturing to countries such as India, Mexico and Vietnam in the wake of mounting geopolitical pressures, data privacy rules and regulatory crackdowns.

The graphic has two bar charts, one showing monthly flows into China-focused offshore funds from January 2023 to Feb. 21, 2024 and another showing foreign flows through Hong Kong Connect from January 2023 to January 2024.

What is wrong with the economy?

Since 2022, when President Xi Jinping consolidated his power, Beijing has often stated its objectives are to achieve high-quality development, and to balance that with security.

Key among those priorities are reforms of the indebted state sector and local governments, channelling of resources towards technological self-sufficiency, measures to boost domestic investment and consumption in electric vehicles, artificial intelligence, green energy projects, and fighting monopolies and corruption.

The graphic shows China’s annual GDP growth target with actual GDP growth from 2008 to 2023 and the target for 2024 which hasn’t been officially announced.

The graphic is a line chart on China’s policy rates showing three indicators — 5-year loan prime rate, 1-year loan prime rate and medium-term policy loan rate — from ….

Private firms, which account for 60% of gross domestic product and 80% of urban jobs in the world’s second-largest economy, are suffering not just from three years of COVID curbs but also regulatory crackdowns that have targeted sectors from technology to finance and private tutoring.

Many provinces are drowning in debt, as a key source of income – land sales – have collapsed. The total debt of China's local government financial vehicles, or LGFVs, was estimated to be above $9 trillion in 2023, equivalent to half of the country's economy. The sustained downturn in the property sector has been a key drag on the country's broader recovery. With wages and home prices dropping, consumer confidence is struggling. Those who can are moving cash abroad. GDP growth has slowed to 5% from 7% to 8% a few years ago.

The graphic is an area chart that shows China’s total credit to non-financial sector as a percentage of GDP for every quarter.

The graphic is a line chart showing two indicators, the consumer price index (CPI) and the producer price index (PPI), from January 2020 to January 2024 and shows how China has both the indicators in the negative territory.

What have policymakers said and done to fix the economy?

Wary of its past cycles of heavy investment-led growth and of a build-up of debt, Beijing has been reluctant to launch forceful stimulus measures to boost market sentiment and revive demand.

China approved an additional 1 trillion yuan of sovereign bond issuance and a widened budget deficit in October 2023 to support the economy. Beijing has also delivered deep cuts to bank reserves and benchmark mortgage rates to get banks to lend more and to revive home buying.

The graphic is line charts on China’s quarterly GDP (actual values in 2022-2023, forecasts from 2024-2025) and inflation rate (monthly actual values from January 2022 to January 2024, and quarterly forecasts from Q1 2024 to Q4 2025)

Beijing has outlined plans for more affordable housing and urban village renovation and infrastructure. It has also begun easing home purchase limits and down payment requirements in some cities, and banks have been asked to extend lending to property developers.

It has issued refinancing bonds to help ease debt burdens of local governments, while also restricting the borrowing ability of some local government financing vehicles (LGFVs).

LSEG Datastream; LSEG Workspace; National Bureau of Statistics (NBS), China; Bank of International Settlements (BIS); LSEG Lipper data; Hong Kong Exchanges and Clearing Limited; International Monetary Fund; Reuters reporting

Additional reporting by

Gaurav Dogra

Vidya Ranganathan, Anand Katakam and Lincoln Feast

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2024 solar eclipse map: Where to see the eclipse on April 8

These 2024 solar eclipse maps will help you make the best decision about where and how to watch the total solar eclipse on Monday (April 8).

It's finally here: Today, (April 8) a total solar eclipse will pass across the skies North America, giving more than 33 million people living in 15 U.S. states a rare view of the totally-obstructed sun, and — weather permitting — a taste of some seriously strange eclipse phenomena .

If you’re wondering where the total and partial phases of the eclipse will be visible, the good news is that almost everyone in the contiguous U.S. will be able to see the celestial spectacle to some extent. But for a more detailed view of the eclipse’s path, take a look at these handy eclipse maps, courtesy of GreatAmericanEclipse.com. 

Solar eclipse 2024 path of totality map

Totality is the moment that every eclipse-chaser lives for: The moment when the moon completely covers the sun’s face, resulting in a brief but eerie darkness in the daytime. The path of totality , shown in the map above, is the path of the moon’s shadow across Earth’s surface. 

On Monday (April 8), totality will begin in Sinaloa, Mexico, then move northeast up to Texas, ultimately crossing 15 states before moving on to Canada. The states where totality will be visible are: Texas, Oklahoma, Arkansas, Missouri, Kentucky, Tennessee, Illinois, Indiana, Ohio, Michigan, Pennsylvania, New York, Vermont, New Hampshire and Maine — although Tennessee and Michigan will only be glanced by the moon's shadow.

Related: April 8 solar eclipse: What time does totality start in every state?

Viewers MUST be within the path of totality to witness the total phase of the eclipse; if you are off the path by even a mile, you will only see a partial eclipse, and miss out on the spooky daytime darkness. Furthermore, the closer you are to the center of the path of totality, the longer totality will last for you — up to a maximum duration of 4 minutes, 27 seconds in Torreón, Mexico.

Note: Totality is the ONLY TIME when it is safe to view the sun without protective eyewear like certified solar eclipse glasses . You must protect your eyes during the entire partial phase of the eclipse, no matter where you are.

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Solar eclipse 2024 partial eclipse map

If you live in the U.S. and can’t make it to the path of totality, a partial eclipse still awaits you on April 8. The entire contiguous U.S. will have some view of the partial eclipse, ranging from 99% coverage of the sun just off the path of totality to about 15% coverage far to the northwest of the path.

The map above shows how much of the sun’s disk will be blocked from your location. Watching the partial phases of the eclipse — which last about an hour and 20 minutes before and after totality — means wearing protective eyewear at all times. Failure to do so could result in permanent eye damage, according to NASA .

If you want to experience the celestial spectacle but don’t have a pair of eclipse glasses handy, there are many other ways to safely enjoy the partial eclipse . These include making a homemade pinhole projector , using a pasta strainer to project the shadow of the moon onto the ground or watching one of the various eclipse live streams available.

2024 eclipse travel maps

If you want to see totality but don’t live within the path, driving or taking public transit to a city within the path may be possible. The map above shows how far the drive is to the path of totality, based on where you’re coming from. Meanwhile, the map below shows the most populated cities within the path of totality — many of which are expected to be flooded with millions of eclipse tourists on April 8.

The biggest cities within the path of totality include: San Antonio, Dallas, Austin and Fort Worth in Texas; Indianapolis, Indiana; Hamilton and Montreal in Canada; and Torreón and Mazatlan in Mexico.

Wherever you are on April 8, we wish you clear skies and protected eyes during this rare, wondrous eclipse over North America.

Brandon is the space/physics editor at Live Science. His writing has appeared in The Washington Post, Reader's Digest, CBS.com, the Richard Dawkins Foundation website and other outlets. He holds a bachelor's degree in creative writing from the University of Arizona, with minors in journalism and media arts. He enjoys writing most about space, geoscience and the mysteries of the universe.

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