Authorities in China increase funding for the cultural and tourism sectors

China’s central bank and the Ministry of Culture and Tourism issued a joint announcement on Monday regarding the enhancement of financial support for the culture and tourism industries, including the expansion of financing measures and the reduction of financing costs for businesses, in order to boost the recovery of this COVID-ravaged sector.

The two departments announced in a joint statement that they would increase support for qualified companies to issue bonds, investigate the establishment of a valuation system for the assets and products of related companies, and support the revitalization of the assets of cultural and tourism enterprises.

Financial service centers at all levels should actively collect information on companies severely affected by the epidemic and give them distinct financial services.

Banks and financial institutions must optimize credit management systems, post-loan services, and risk management for cultural and tourism organizations in order to increase the service efficiency of their loan offerings.

The outbreak has severely impacted the tourism and cultural industries. Jiang Yiyi, deputy chair of the School of Leisure Sports and Tourism at the Beijing Sport University, told the Global Times on Monday that there has been a recent rebound due to the recent Omicron flare-ups being generally kept under control and the beginning of summer vacation.

Jiang stated that bolstering financial support might aid in reviving the economy, adding that it would enable businesses to introduce innovative services and goods to better match customer demand in the post-COVID era.

The revival of the culture and tourist industries is emblematic of the economic recovery as a whole. Jiang stated that there is a smooth exchange of employees in the industries and, more crucially, that their revival could help revitalize an array of upstream and downstream industries, including catering, transportation, and lodging.

Most popular platforms to plan trips:

Chinese Travel Forums: MaFengWo

MaFengWo is one of the Chinese social networks where users may exchange or read thorough travel guides, reviews, advice, and other information about a trip, including hotels, activities, the weather, shopping, and other points of interest.

MaFengWo, with its extensive user-generated information, is a crucial resource for this, given that Chinese youth conduct extensive study and plan their vacations in advance. MaFengWo is also an OTA platform where users may book or make reservations for transportation, hotels, sports, catering, shopping, and leisure activities in more than 60,000 global destinations.

MaFengWo, founded in 2006, has assisted 120,000,000 passengers every month and is regarded as the “Travel Bible” of the millennial generation.

Travel agent platform: Fliggy

Fliggy is the most recent innovation from Alibaba’s travel division, and it boasts a user base of over 550 million active monthly users. Due to its success, it has attracted major businesses such as Lufthansa, Marriott, and American Airlines. Fliggy’s innovations, good use of user data, efficient algorithms, and loyalty program attract global business agreements. There is currently no English website for Fliggy; only a Chinese one exists. https://www.fliggy.com/

Online travel agency: Ctrip

Ctrip is China’s key player when it comes to the Chinese Online Travel Agency (OTA) market, however the market has a lot of competitors trying to get their share of the market. In order to expand its market and reaffirm its leading position, Ctrip decided to acquire Qunar & eLong. In 2018, the Chinese OTA market was made up of a large variety of companies, varying in scale too, as not all of them were big companies. An interesting fact to know is that Ctrip’s competitors were not only companies from the hospitality sectors, indeed some of the most notable were from e-commerce giant: Alibaba.

Travel platform: QYER

The online community Qyer has evolved into a “one-stop outbound travel platform” for Chinese travelers. Its offerings now encompass everything a traveler requires, from a travel community to an e-commerce platform to a big data-based trip planning tool.

Qyer wants to make Chinese international travel more convenient and affordable.

Why should your tourism business be registered on Chinese OTA?

The rise of independent travelers

Tour buses filled with Chinese travelers are still very popular around the world but in the past years there has been a significant increase in independent Chinese travelers, but in more and more destinations, Chinese consumers are more often choosing to travel on their own and planning trips by themselves this is a sign that some segments of the outbound Chinese market are slowly maturing because Chinese travelers especially younger generations are looking for an original way of traveling and want to see more than the traditional tourism itinerary practiced by their predecessors.

More than just booking apps : reviews apps/travel notes

But it is important to keep in mind that booking apps are not the only factors when chinese tourists want to inform themselves about their travel plan, tourism businesses need to remember that chinese travelers give a lot of attention to reviews written by previous customers, and to them having a good reputation and being acknowledged by fellow travelers is paramount to the chinese traveler community.

Collaborate with tourism KOLs on Chinese OTA

Just like the above, to Chinese consumers having a good reputation and reviews is very important so using KOLs to promote your tourism/hospitality business is an excellent marketing strategy that will help you build your brand image and increase the reputation of your brand and more importantly it will help you gain and build trust from potential Chinese consumers.

Contact us to register your company on travel platforms.

GMA case study

Tourism in Peru makes up the nation’s third largest industry, behind fishing and mining. GMA and Peru Tourism Bureau team are responsible for managing China’s tourism promotion activities. The purpose is to increase Peru’s popularity as a tourist and leisure destination in China, increase Chinese tourists’ visits to Peru and experience Peru’s exotic culture.

Due to personal income rise and favorable policies, the Chinese became the first tourists travelling abroad. The number of Chinese outbound tourists is increasing, and will reach 174 million by 2019. Tour From Bali offers the best tours and vacation packages in Indonesia. The name “Tour From Bali” is based on the idea that tourists in Indonesia typically first arrive in Bali to begin their journey through Indonesia. Their experts have searched the country to find the best and most affordable tours and activities that will suit all consumers travel needs. Tour From Bali offers the best tours and vacation packages in Indonesia for Chinese travellers. Their name “Tour From Bali” is based on the idea that tourists in Indonesia typically first arrive in Bali to begin their journey through Indonesia. Their experts have searched the country to find the best and most affordable tours and activities that will suit all customers’ travel needs, and specially for Chinese Clients. Their service is connecting Chinese tourists to all our amazing and beautiful scenic spots across Indonesia and customer satisfaction is what we value most. That’s why they provide the most comfortable transportation and hotels across the country and show their customers the most remarkable attractions the country has to offer.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *