China’s tourism to grow faster than its GDP as people spend less on property, more on travel, Tongcheng executive says
China's tourism to grow faster than its GDP as people spend less on property, more on travel, Tongcheng executive says Yahoo Finance
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China’s Tourism Industry to Grow Faster than GDP in Next Decade
According to Fan Lei, the chief financial officer of online agency Tongcheng Travel, China’s tourism industry is expected to grow faster on average than the country’s gross domestic product (GDP) in the next decade.
Changing Consumer Spending Habits
While the Chinese economy has slowed down and consumption in education, property, and cars has weakened, people are still spending money. However, there has been a shift in spending habits, with a focus on experience-type consumption rather than big-ticket and mid-market purchases.
The Impact of Sustainable Development Goals (SDGs)
The sustainable development goals play a crucial role in shaping the future of China’s tourism industry. As the industry grows, it is important to align its growth with the SDGs, particularly in areas such as responsible consumption and sustainable cities and communities.
Tourism Industry as a Bright Spot
Despite the economic slowdown, the tourism industry has emerged as a rare bright spot since China reopened its borders in December. The Spring Festival in January sparked a travel resurgence, and domestic tourist traffic is expected to reach 76% of 2019 levels for the whole year.
Revenue Growth and User Engagement
Tongcheng Travel, a Hong Kong-listed company, reported a significant revenue jump in the June quarter. Monthly active users also saw a substantial increase. However, overseas travel by Chinese tourists has only recovered to 40-50% of pre-Covid levels due to limited airline capacity and the slow resumption of local services.
The Role of SDGs in Future Growth
As the tourism industry recovers and travellers gradually return, Tongcheng Travel plans to expand its offerings by providing its own package tours. This expansion will require professional knowledge and may involve acquiring a company to support this endeavor. It is important for Tongcheng Travel to consider the SDGs in its expansion plans, particularly in terms of responsible consumption and partnerships for the goals.
Conclusion
The growth of China’s tourism industry presents both opportunities and challenges. By aligning its growth with the SDGs, the industry can contribute to sustainable development, responsible consumption, and the overall well-being of communities. With a focus on experience-type consumption and responsible tourism practices, China’s tourism industry has the potential to thrive in the next decade.
SDGs, Targets, and Indicators
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SDG 8: Decent Work and Economic Growth
- Target 8.9: By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products.
- Indicator 8.9.1: Tourism direct GDP as a proportion of total GDP and in growth rate.
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SDG 12: Responsible Consumption and Production
- Target 12.8: By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature.
- Indicator 12.8.1: Extent to which (i) global citizenship education and (ii) education for sustainable development (including climate change education) are mainstreamed in (a) national education policies; (b) curricula; (c) teacher education; and (d) student assessment.
Analysis
The article discusses the growth of China’s tourism industry and the changing consumption habits of Chinese consumers. Based on the content, the following SDGs, targets, and indicators can be identified:
SDG 8: Decent Work and Economic Growth
The article highlights the growth of China’s tourism industry, indicating its contribution to economic growth and job creation. This aligns with SDG 8, which aims to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.
Target 8.9: By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products.
The article mentions the trend of Chinese consumers shifting their spending habits towards experience-type consumption, indicating a demand for sustainable tourism. This aligns with Target 8.9, which focuses on promoting sustainable tourism that creates jobs and promotes local culture and products.
Indicator 8.9.1: Tourism direct GDP as a proportion of total GDP and in growth rate.
The article mentions the growth of China’s tourism industry, with Tongcheng Travel reporting a significant increase in revenue. This revenue growth can be used as an indicator to measure progress towards Target 8.9, specifically the tourism direct GDP as a proportion of total GDP and in growth rate.
SDG 12: Responsible Consumption and Production
The article highlights the changing consumption habits of Chinese consumers, with a shift from buying expensive products to paying for experience-type consumption. This aligns with SDG 12, which aims to ensure sustainable consumption and production patterns.
Target 12.8: By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature.
The article mentions the need for professional knowledge in expanding Tongcheng Travel’s offerings to include package tours. This indicates the importance of relevant information and awareness for sustainable development in the tourism industry. It aligns with Target 12.8, which focuses on ensuring that people have the necessary information and awareness for sustainable development and lifestyles in harmony with nature.
Indicator 12.8.1: Extent to which (i) global citizenship education and (ii) education for sustainable development (including climate change education) are mainstreamed in (a) national education policies; (b) curricula; (c) teacher education; and (d) student assessment.
The article does not explicitly mention this indicator. However, the need for professional knowledge and expertise in the tourism industry implies the importance of education and training in sustainable development practices. This aligns with Indicator 12.8.1, which measures the extent to which global citizenship education and education for sustainable development are mainstreamed in national education policies, curricula, teacher education, and student assessment.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.9: By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products. | Indicator 8.9.1: Tourism direct GDP as a proportion of total GDP and in growth rate. |
| SDG 12: Responsible Consumption and Production | Target 12.8: By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature. | Indicator 12.8.1: Extent to which (i) global citizenship education and (ii) education for sustainable development (including climate change education) are mainstreamed in (a) national education policies; (b) curricula; (c) teacher education; and (d) student assessment. |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: finance.yahoo.com
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