DUBAI, UAE, 10 October 2024: As the Global Partner and Official Airline of the Louis Vuitton 37th America’s Cup, Emirates rolled out the red carpet to welcome onboard the oldest trophy in international sport, the America’s Cup, carrying it from Auckland to Barcelona via Dubai.
The Americas Cup trophy touched down in the coastal city of Barcelona on 6 October, ahead of the match race finals starting on 12 October.
Emirates Executive Vice President Corporate Communications Marketing and Brand, Boutros Boutros said: “We’re thrilled to be back on the water for Emirates Team New Zealand’s defence of the America’s Cup, and we’re also proud to be again the Global Partner and Official Airline of the Louis Vuitton 37th America’s Cup. This event is sailing’s pinnacle contest, pushing the boundaries of innovation, technology, and talent. Emirates will be at the heart of all the action in Barcelona.
“We look forward to connecting with long-time sailing fans and new audiences passionately cheering on their teams setting on their quest to win the coveted America’s Cup.”
Official Airline of the Louis Vuitton 37th America’s Cup
Emirates is the Global Partner and Official Airline of the Louis Vuitton 37th America’s Cup. The airline is also a proud sponsor of the series of preliminary regattas leading up to the Louis Vuitton Cup.
Through its sponsorship, Emirates will be highly visible across the Race Villages, with prominent branding on the sails and hull of Emirates Team New Zealand’s AC75 America’s Cup class yacht ‘Taihoro’, as well as the official stage and award ceremony areas.
Emirates will also activate its sponsorship rights throughout the races with “fly better” moments as the airline’s friendly cabin crew hand out bespoke luggage tags, merchandise, and other exciting gifts to race goers.
‘Sailing better’ since 2004
Emirates has been a long-standing supporter of sailing, with its first foray into the sport in 2004 as the naming sponsor of Emirates Team New Zealand. The 20-year partnership has been very successful for both parties, including memorable victories in the 35th America’s Cup as well as its cup defence in front of a home Auckland crowd in the 36th America’s Cup event.
The airline renewed its long-standing partnership with the reigning America’s Cup champions last year, remaining the Lead Sponsor of Emirates Team New Zealand, with naming rights for the team, as well as the designation of Official Airline and Carrier of Emirates Team New Zealand.
With Barcelona as the perfect setting for sailing’s most important races, fans can connect to the city on one of Emirates’ 14 weekly flights, including seven weekly flights from Dubai to Mexico City via Barcelona. The airline also flies to Madrid with 14 weekly services utilising its iconic Emirates A380 and wide-body Boeing 777 aircraft. For more information, visit emirates.com
SINGAPORE, 10 October 2024: Shangri-La Singapore has named Stephan Kapek its new Vice President of Operations and General Manager.
Kapek joins the iconic flagship Shangri-La property with an outstanding track record of leadership extending more than 30 years.
He spent nearly 20 years in leadership roles within the Shangri-La group, managing hotels and resorts across multiple destinations. In his most recent position as Vice President of Operations at Shangri-La’s China World Trade Center hotels, he led the three hotels through the unprecedented challenges of the Covid-19 pandemic.
Shangri-La Singapore, the brand’s first hotel globally, features 792 guestrooms and suites across three wings, set 15 acres of tropical gardens in the heart of Singapore.
Kapek will oversee all aspects of the hotel’s operations, including Shangri-La Apartments and Residences.
HONG KONG, 10 October 2024: Hong Kong’s outbound travel rebound is both strong and fast — residents in 2023 spent USD22.7 billion on outbound travel and made 72.2 million departures, respectively 84% and 77% return to pre-pandemic level says the organiser of the ITE Hong Kong travel show.
The ITE Hong Kong 2024 wrap-up survey noted that during the first eight months of 2024, Hong Kong residents made 67.6 million departures, up 58.4% over 2023! With pre-pandemic annual spending of USD26 billion on outbound travel, Hong Kong often ranked among Asia’s top four markets.
ITE Hong Kong 2024 held over 80 travel seminars on two public days of the show, covering five continents and attracting over 8,500 attendees.
ITE 2024 drew 515 exhibitors during the two show trade days and attracted 7000 buyers and trade visitors. Over 70% of the trade visitors came from the Greater Bay Area, which includes Hong Kong SAR, Macau, and China’s top cities such as Shenzhen and Guangzhou. In 2023, the GBA had a combined GDP of USD1.97 trillion and a population of 86 million.
ITE’s two public days tagged on the end of the trade-only days attracted 63,000 travel consumers, mainly FITs. The ITE survey found that in the first half of 2024, nearly 45% booked outbound holidays three times or more, and that trend continued during the second half of 2024. Other survey findings showed travel bookings at the ITE 2024 were well-educated, with 51% having a university education and 60% saying they intended to increase their travel spending.
ITE 2024 drew 515 exhibitors during the two show trade days and attracted 7000 buyers and trade visitors. Over 70% of the trade visitors came from the Greater Bay Area, which includes Hong Kong SAR, Macau, and China’s top cities such as Shenzhen and Guangzhou. In 2023, the GBA had a combined GDP of USD1.97 trillion and a population of 86 million.
ITE Hong Kong 2025 will co-locate with the 39th ITE (Leisure) and 20th ITE MICE from 12 to 15 June in five halls at the Hong Kong Convention & Exhibition Centre. The format offers two days for the trade and another two days for travel consumers. It is a proven platform for reaching trade visitors from China’s Greater Bay Area (The Bay) and Hong Kong’s premium FIT travellers.
Organised by TKS Exhibition Services Ltd ITE is supported by the Ministry of Culture and Tourism of the People’s Republic of China. Hong Kong Tourism Board is one of its core supporters.
The exhibition has set the rent for raw booth space once more at the same price as in 2019 to boost tourism recovery.
SINGAPORE, 10 October 2024: FCM Meetings & Events, ahead of its global relaunch, reveals that more than a quarter of customers allocate half their travel budgets to the MICE sector, according to its landmark global State of the Market* survey released on Wednesday.
The first-of-its-kind survey undertaken by Flight Centre Corporate shows that many customers allocate more than half of their travel budget to the MICE sector.
Surveying Flight Centre Corporate customers, 28% of businesses said more than 50% of their budget goes towards travelling for MICE, 11% revealed an allocation of between 25 and 50%, and 10% stated that 15 to 25% of their travel spend goes towards the MICE sector.
FCM Meetings & Events Global General Manager Simone Seiler said the findings came when the business was repositioning worldwide to deliver a unified offering, leveraging itself as a subsidiary of FCM Travel, and harnessing its global scale, but with regional customisation.
“Globalising the FCM M&E business will allow us to add consistency and scale for customers looking for a global meetings and events provider, with hub offices in all four regions, global consistency but local nuance to understand specific client needs,” Seiler explained.
“We now operate in more than a dozen countries globally, with future expansion plans in the works. Australia, India, and Mexico are currently thriving for us, and we see North America, Asia, and Europe as key regions with the largest opportunities for growth.
“FCM M&E is targeting exponential growth, and we’re already expanding into the likes of the United Arab Emirates and South Africa, which will allow us to expand our workforce to include the more than 365 people we already have servicing our valued customers.
“Our global vision for the future of meetings and travel management is centred around innovation, sustainability, accessibility and seamless integration of technology like our new FCM Venue Finder platform to enhance the overall experience for our clients.
“By combining our expertise in event management with cutting-edge technology and a commitment to sustainability, we aim to lead the industry in creating future-proof, impactful, and responsible meetings and events.”
As part of its global relaunch, FCM Meetings & Events has welcomed Joanne Shaw, the new Global Director of Enterprise Sales, to its London office.
“Joanne brings a wealth of MICE industry knowledge to drive strategic growth, articulating the MICE value proposition, excelling at building multi-level relationships, and stakeholder management. Her dedication to understanding client needs and crafting tailored solutions will play a key role.” said Seiler.
“Corporates are increasingly investing early in large-scale travel arrangements to optimise airline and hotel deals. The demand for new MICE destinations is at an all-time high, with destinations such as Doha, Seoul, Tbilisi, and Taipei growing in popularity. Established MICE destinations Singapore and Dubai are witnessing robust demand.
“There’s also a trend towards reinvigorating well-known locations with fresh, exciting offerings to ensure quick turnarounds. This dynamic is particularly notable among corporates managing multiple tours due to a spike in business activity.
“Clients seek a comprehensive global programme that consolidates what is often fragmented. I’m thrilled about Joanne joining our team to demonstrate our global solutions as part of our mission to globalise FCM Meetings & Events truly,” added FCM Meetings & Events Leader for Asia Manpreet Bindra.
For more information on the State of the market survey visit
*The State of the Market survey was conducted online between 3 June 2024 to 11 July 2024. The target respondents were corporate travellers and FCM Travel customers, specifically decision-makers, travel managers, and authorised travel bookers. All Corporate Traveller and FCM Travel regions were included. A random sample of 562 responses was obtained utilising the innovative Qualtrics platform.
HONG KONG, 10 October 2024: HK Express has launched a new cross-platform partnership with Klook, an Asian travel services platform.
They have teamed up to create a one-of-a-kind dedicated webpage packed with travel deals. Whether it’s attraction tickets, accommodations, attractions, or sightseeing, customers can find the right deals on a wide range of travel experiences.
To celebrate the collaboration, the airline is rolling out promotions* open for bookings until midnight on 27 November 2024. Customers who spend HKD3,000 or more on the Klook platform could win roundtrip tickets* from HK Express to destinations including Sendai, Phu Quoc, Seoul, and Penang.
In addition, the airline is offering limited-time 50% discount codes** for Klook’s Japan travel products on the HK Express dedicated webpage.
Customers can also take advantage of surprise discounts to explore the enchanting Japanese culture and stunning sights. This includes discount codes for all travel products in Japan’s Tohoku region, tour packages and attraction tickets across Japan, with discounts of up to 10%**.
* Limited to specified destinations. Ticket prices do not include fuel surcharges, airport taxes, and other additional fees and are subject to terms and conditions.
** Discount rates are subject to availability, and the price and offer details may be changed from time to time without prior notice.
SINGAPORE, 9 October 2024: The Taiwan Tourism Administration has opened its Taiwan Tourism Information Centre in Vancouver.
It marks a significant step in promoting Taiwan’s tourism charm to the Canadian market. The official ceremony was attended by Deputy Director General Trust Lin of the Tourism Administration, Angel Liu, Director General of the Taipei Economic and Cultural Office in Vancouver, Sylvia S.H. Lee, Director of the San Francisco Taiwan Tourism Office, Tseng Chih-Ying, CEO of Lotus Travel Tech Group, Jeff Chang, Marketing Director, The Americas, China Airlines, and Cotrina Yeh, General Manager, Vancouver Branch Office, EVA Air.
The office will serve as a hub to provide real-time travel information and foster partnerships in Western Canada to boost visitors to Taiwan.
“The 2024-2025 period is critical for revitalising Taiwan’s tourism industry post-pandemic,” said Taiwan Tourism Administration Deputy Director General Lin. “The Vancouver office is the first in the Americas under our global strategy to establish ten Taiwan Tourism Information Centers (TTICs), following recent openings in Mumbai, India, Jakarta, Indonesia, and Paris, France. This office is positioned to drive Taiwan’s tourism growth in North America.”
The Vancouver office will offer bilingual support in Chinese and English, ensuring accessible and customised travel resources for Canadian visitors. The office will also provide comprehensive consultations, promotional materials, and multimedia resources about Taiwan and play a vital role in enhancing cooperation between Taiwanese and Canadian travel agencies.
Canada is currently the second-largest source of travellers to Taiwan from the Americas. Taiwan Tourism Administration has set a goal of 200,000 visitors from Canada annually. In 2023, Canadian visitors returned to 70% of pre-pandemic levels. With a strong tourist-to-population ratio, Canada holds immense potential for tourism development. The Administration is committed to raising awareness of Taiwan’s diverse attractions and encouraging more travel to the island.
The Tourism Administration has launched a series of SkyTrain advertising campaigns to celebrate the opening as part of its “Taiwan Waves of Wonder” branding. In collaboration with EVA Air and China Airlines, the campaign showcases Taiwan’s stunning landscapes on Vancouver’s SkyTrain cars.
Vancouver residents are encouraged to capture campaign images, which will make them eligible to win prizes, including round-trip airline tickets to Taiwan.
In addition to the launch, various promotions are now available to international visitors. These include a Taiwan “Lucky Draw,” offering NTD5,000 in spending money, a buy-one-get-one-free promotion on High-Speed Rail tickets for stations south of Taichung, and discounted “Taiwan Pass” tickets that combine High-Speed Rail, MRT, and Taiwan Tourist Shuttle services. The Administration also offers half-day transit tours, ensuring visitors can experience Taiwan during a stopover.
About Taiwan Tourism Administration The Taiwan Tourism Administration is the official government agency of Taiwan (ROC.) responsible for developing and executing domestic and international tourism policy. The San Francisco Office of TTA manages the Western Canada market, while the New York branch manages the Eastern Canada market. The new marketing slogan introduced in 2024 is “Waves of Wonder.”
KUCHING, 9 October 2024: Borneo Jazz Festival (BJF), one of Southeast Asia’s longest-running international jazz festivals, returns from 29 November to 1 December after a long pause and rebranding exercise (previously known as the Miri International Jazz Festival).
The 18th edition, themed “Jazzy Miri”, will take place at Eastwood Valley Golf & Country Club in Miri, Sarawak. Organised by the Miri City Council and curated by Sarawak’s Deckworks Events & Entertainment, the festival will feature a blend of jazz, reggae, pop, tribal, and world beats. It brings musicians of diverse cultural backgrounds together to celebrate jazz music and empower the local community.
Watch out for an eclectic mix of jazz, reggae, and pop musicians, a renowned local emcee from Malaysia, and more lighting up the Borneo Jazz stage to celebrate cultural diversity, tradition, and innovation.
Announcing the return Yang Berhormat Dato Sri Haji Abdul Karim Rahman Hamzah, the Minister for Tourism Creative Industry and Performing Arts Sarawak, said: “With the theme ‘Jazzy Miri’, this year’s Borneo Jazz is about rejuvenating the jazz scene, especially after the recent pandemic while being surrounded by the wonders of nature that is in abundance in Miri, the gateway to Northern Sarawak.
Borneo Jazz Festival 2024 lineup: Day 1 (29 November 2024) – 6:00pm to 12:00am
1. Sheila Majid (Malaysia) 2. Rio Sidik (Indonesia) 3. The Clarinet Trio (Germany) 4. The Shang Sisters (Malaysia) 5. Ta’Dan (Sarawak) 6. Prem Shanker (Malaysia) – Emcee
Jazz music lovers can purchase tickets for the Borneo Jazz Festival 2024 at www.jazzborneo.com, miricouncil.gov.my and deckworksevents.com. For the early bird category, a Day Pass costs MYR80 per ticket, a Two Day Pass MYR150 per ticket, and a third-day entry is free.
The Early bird discount ends on 31 October 2024. For tickets sold from 1 November 2024 onwards, a Day Pass is MYR100, a Two-Day Pass is MYR180, and a third-day entry is free.
DUBAI, UAE, 9 October 2024: Emirates has resumed passenger services to Lagos, Nigeria, with a daily flight scheduled to optimise connections to and from key points in Europe, the US and Asia.
The official delegation was led by Adil Al Ghaith, Senior Vice President of Commercial Operations, Gulf, Middle East and Central Asia; David Broz, Senior Vice President of Aeropolitical and Airline Industry Affairs; and Sami Aqil Abdullah, Senior Vice President of Emirates Airport Services Outstation and Business Support. The official delegation from Nigeria onboard the flight included His Excellency, Festus Keyamo, Honourable Minister of Aviation and Aerospace Development of Nigeria; His Excellency, Zayyan Ibrahim, Consul General of the Federal Republic of Nigeria in Dubai and the Northern Emirates and Adewale Babtunde Awolesi, Head of Chancery, Consulate General of Nigeria.
Soon after landing, the airline hosted an exclusive event for VIPs, government officials, key representatives from Nigeria’s Civil Aviation Authority, Federal Airports Authority, Customs, Police and the Airforce, trade and industry partners and corporate clients.
Commenting on the return of services, Emirates Airline Deputy President and Chief Commercial Officer Adnan Kazim said: “This has been a long-awaited moment, and we are excited to resume operations to Lagos, helping reconnect travellers seamlessly to and through Dubai, coupled with a consistent, world-class experience onboard.
“We would like to thank the Nigerian authorities, including the Federal Ministry of Aviation and Aerospace Development and the Federal Airports Authority of Nigeria, as well as the UAE authorities, including His Excellency Salem Saeed Al Shamsi, Ambassador of the United Arab Emirates, and His Excellency Dr Abdulla Almandoos, Consulate General of the United Arab Emirates in Lagos, for their support. We are committed to making this route a success and look forward to contributing to the Nigerian aviation industry’s growth and offering travellers and businesses more choice and connectivity to key destinations across our network.”
EK783 departs Dubai at 0945, arriving in Lagos at 1520; the return flight EK784 takes off from Lagos at 1730 and lands in Dubai at 0510 the following day. The daily service has been scheduled to optimise connections to and from key points in Europe, the US, Asia and the wider Middle East and GCC, streamlining business and leisure travel to and from Nigeria.
Strengthening business between UAE and Nigeria
With the resumption of operations to Lagos, Emirates provides connectivity to one of Africa’s major economic hubs, facilitating global trade and strengthening business ties, in line with the UAE and Nigeria’s strong bilateral trade relations.
Emirates SkyCargo will support Nigerian businesses by offering more than 300 tonnes of belly-hold cargo capacity in and out of Lagos every week into key markets such as UAE, Malaysia, Hong Kong, and Bahrain, among others. Anticipated commodities such as Kola Nuts, food and beverages, and urgent courier material will be transported via the airline’s state-of-the-art hub in Dubai quickly, efficiently, and reliably via the airline’s multi-vertical specialised product portfolio. Imports into Nigeria are anticipated from key markets such as UAE, India and Hong Kong, with key commodities including a mix of general cargo, pharmaceuticals and electronics.
Premium products and amenities across every class
The Dubai-Lagos service is operated with a Boeing 777-300ER, offering eight first-class suites, 42 business-class seats, and 304 economy-class seats, with added comforts and perks in each cabin class. Emirates is one of only two airlines offering a first class in and out of Lagos and an unrivalled experience with luxurious touches, a premium gastronomic selection of dishes and fine beverages, and one of the biggest screens in the sky, all amid comfort and privacy.
Offering the best experience across every class, passengers will dine on regionally inspired multi-course menus complemented by a wide selection of premium beverages. Customers can tune in to over 6,500 channels of global entertainment, including 23 Nigerian movies, series and other content on ice, Emirates’ award-winning inflight entertainment system.
To support travel to Dubai or onwards, Emirates will also facilitate 48-hour and 96-hour Dubai visa applications for travellers from Nigeria, an offer that is exclusive to the airline.
Celebrating the resumption of services, Emirates award-winning loyalty programme, Skywards, reinstated previous tier status levels for Skywards members to ensure the continuation of earned benefits and recognition. Tickets can be booked now on emirates.com or via travel agents.
SHANGHAI, 9 October 2024: Trip.com Group and Zhoushan Municipal Development and Reform Commission have jointly launched the “Hello Zhoushan” x Trip.com Group YOYO-themed series to support the economic and cultural enrichment of China’s islands while elevating Zhoushan’s tourism profile on the global stage.
As part of the broader “Hello Zhoushan” initiative launched in 2023, Zhoushan, a picturesque archipelago in China, has adopted the strategy of “one island, one product, one policy.”
This approach aims to boost living standards and enhance community well-being through high-quality tourism development. By blending natural beauty with sustainable practices, Zhoushan seeks to create a distinct cultural tourism experience unique to the islands.
In 2024, Zhoushan marks the second anniversary of this ambitious project. To strengthen international collaboration and expand its circle of “island friends,” it has launched the “Hello Zhoushan” x Trip.com Group YOYO cartoon series on the Trip.com app and social platforms.
The colourful logos symbolise the distinct beauty of each island in Zhoushan and YOYO’s adventurous spirit and love for discovering new destinations.
Inspired by various travel themes and scenarios, YOYO is depicted in a playful array of cartoon images. As the first official “Friend of the Island,” YOYO leads global partners on a journey to explore the depths of the East China Sea, greeting each island and unveiling various activities — from local cuisine and sports to sea fishing and camping.
The collaboration between Trip.com Group and Zhoushan will focus on three key objectives: increasing brand visibility, driving customer traffic, and boosting consumer spending.
The goal is to enhance the visibility of Zhoushan’s island tourism by launching the joint “Hello Zhoushan” x Trip.com Group YOYO brand globally, along with a series of creative online marketing campaigns and offline events like an island food search. International travellers can also further discover its offerings through innovative ads on the Trip.com app.
This partnership also aims to expand Zhongshan’s reach and popularity among young people, professionals, and tourists through targeted promotions to the Gen Z market and community activities across all four seasons of the year.
Looking ahead, Trip.com Group plans to leverage resources from the Tourism Industry Alliance and its global partners to bring more corporate brands on board with the “Hello Zhoushan” initiative. By expanding its network and infusing fresh momentum into Zhoushan’s island tourism, Trip.com Group aims to drive transformative growth and elevate the region’s tourism landscape.
BEIJING, 9 October 2024: China’s National Day holidays, widely referred to as the “Golden Week”, has seen a significant tourism boom, with a notable growth in passenger trips across the country and a remarkable surge in inbound and outbound travel, according to official data and reports from major Chinese tourism booking platforms on Monday.
The bustling scenes at many tourist attractions across the country, reflected by the strong data, further highlight the robust growth in China’s tourism and consumption market, two major drivers of China’s economic growth and vitality, experts said.
Photo: VCG
Chinese authorities recently rolled out a series of policy measures to boost economic growth, significantly lifting expectations for continued growth in the world’s second-largest economy. With continuous and intensifying policy support, the Chinese economy is expected to see stable growth for the rest of the year, experts noted.
Strong growth
On Monday, the last day of the weeklong National Day holidays, cross-regional passenger trips reached more than 278.76 million, up 5.2% from the same period in 2023, according to data released by the Ministry of Transport (MOT).
Notably, the number represented a 24.8% growth from that of the same period in 2019, before the Covid-19 pandemic. In terms of mode of transportation, China’s railway network saw more than 18.52 million trips, up 8.6% ent from 2023 and 26.6% from 2019, the MOT data showed.
The MOT previously predicted that cross-regional travel could reach 1.94 billion trips during the seven-day Golden Week, with daily trips expected to reach 277 million trips, up 0.7% from 2023 and 19.4% from 2019.
While a final tally on total tourism trips and consumption was not yet available as of press time on Monday, multiple indicators from Chinese travel and tourism booking platforms showed strong growth.
Significantly, cross-border travel saw remarkable growth. On Ctrip, one of China’s largest online travel agencies, daily order volume for outbound and inbound travel exceeded that of 2019, reaching a record high, according to a report the company sent to the Global Times on Monday.
“During the National Day holidays, average daily orders for hotels and B&Bs increased significantly year-on-year, demonstrating the resilience of China’s tourism consumption. The spillover effect of this consumption resilience has also injected new momentum into the global tourism industry,” Ctrip’s report said.
Another report from Tongcheng Travel, a leading travel platform in China, also showed sustained growth in the domestic travel and consumption market during the National Day holidays, with significant growth in travel consumption among residents from smaller cities.
According to the report sent to the Global Times on Monday, bookings for car hire in third-tier or smaller cities increased by more than 50% on Tongcheng’s travel platform, and hotel bookings in nearly 100 counties jumped more than 50% year-on-year.
Another online travel agency, Qunar, also said there was remarkable growth in trips made by residents in smaller Chinese cities. Bookings for outbound travel made by residents from third-tier or smaller cities jumped 300% year-on-year, while those made by second-tier cities jumped by 70%, Qunar said in a report sent to the Global Times on Monday.
Overall, the National Day holidays continued the sustained tourism boom that started at the beginning of the year. In the first three quarters of 2024, the number of domestic tourism trips is expected to reach 4.29 billion, up 16.8% year-on-year, and tourism expenditure is expected to hit 4.32 trillion yuan, jumping 17.1% year-on-year, close to the peak level in 2019.
Positive momentum
Experts said that stable growth in the tourism and consumption markets offers solid impetus for the overall stable growth of the Chinese economy, as consumption is the biggest economic growth driver.
“The strong growth momentum in the tourism sector reflects a positive shift in consumption momentum. It reflects a major issue: improving consumer expectations for the economy,” said Li Chang’an, a professor at the University of International Business and Economics in Beijing.
Li said that policy measures to boost the economy have significantly boosted expectations for stable growth, which will continue encouraging consumers to spend on travel and other areas. “This is the result of various policy packages, and it is a very positive signal,” Li said.
Since the start of the year, China has released several policy measures to boost consumption as well as overall economic growth, including a wide-ranging program to promote trade-ins of consumer goods. In August, ultra-long special treasury bonds worth 150 billion yuan dedicated to trade-ins of consumer goods were issued to Chinese localities.
“Consumption is undoubtedly the main driver for economic growth,” Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Monday, noting that the policy measures have played a critical role in ensuring stable consumption growth. “As policy support intensifies, tourism and cultural consumption will continue to see stable growth.”
In addition, Chinese authorities recently rolled out a huge package of monetary and other policies to boost the economy. On 27 September, the People’s Bank of China (PBC), the central bank, announced a 50-basis points cut to the reserve requirement ratio, the amount of cash banks are required to hold as reserves. The move is expected to inject approximately 1 trillion-yuan worth of long-term liquidity into the financial market.
“The policy support is not limited to boosting consumption during the holidays, but it will be a continuous process,” Li said, noting that new policies have focused on various critical aspects. “The package of coordinated policies will help sustain the positive momentum during the National Day holidays and will play a key role in ensuring long-term economic growth.”
