How Much Money Does Tourism Bring In For China?

In 2023, China’s tourism revenue reached approximately 4.9 trillion yuan, with the majority of it coming from domestic tourism. The China Tourism Academy, a research institute under the Ministry of Culture and Tourism, predicts that overall tourism revenues will reach 5.2 trillion. National tourism revenue for the three-day Mid-Autumn Festival reached 28.68 billion yuan ($4.16 billion), just 60.6 of the 2019 pre-pandemic levels.

China’s tourism earnings rose 11.1% from a year earlier to CNY 6.63 trillion in 2019, compared to 2018’s 10.5% increase. In 2022, the total contribution of the travel and tourism industry accounted for around 3.3% of China’s total GDP, which equaled to nearly four trillion yuan or approximately 580 billion. Over 28 million people worked in the tourism industry.

During the Golden Week (September 29 – October 6) national holidays, domestic tourism revenues reached 753.5 billion yuan, or an increase of 1.5. China’s tourism earnings rose 11.1% from a year earlier to CNY 6.63 trillion in 2019, compared with 2018’s 10.5% increase. The travel and tourism sector’s GDP contribution is forecast to grow more than 150 this year, contributing CNY 9.9TN to the economy.

Tourism revenue was forecast to reach 5.2 trillion yuan (US$724.8 billion) in 2023, 91% of the figure from 2019. Total trips were estimated to be around $261 billion. In 2016, China accounted for 21 of the world’s international tourism spending, or $261 billion.

China’s tourism revenue reached 11 USD bn in December 2018, compared with 11 USD bn in the previous month. Projections indicate that the total revenue from domestic tourism is expected to exceed RMB 4 trillion (approximately US$580.96 billion), marking an impressive growth.

How does tourism benefit China?

China’s economy could benefit from a surge in inbound tourism, which could generate trillions of dollars in revenue over the next decade. The surge in international travelers could be China’s ticket to a robust recovery, as the government works to stimulate consumption, restructure property-market debt, and boost productivity in both public and private sectors. Despite stagnant outbound travel recovery and soft domestic consumption, visitor arrivals have increased by over 300 percent in the first quarter.

Morgan Stanley’s transportation and infrastructure analyst for Hong Kong and China predicts tourism revenue to reach $500 billion in 2033, resulting in a cumulative revenue of $2. 8 trillion over 10 years from $131 billion in 2019.

Which country spends most on tourism?

In 2023, China ranked highest in outbound tourism expenditure, spending 196. 5 billion U. S. dollars. This was a sharp increase from 2019, the year before the COVID-19 pandemic. The United States and Germany followed in the ranking. International tourist arrivals reached 1. 3 billion in 2023, growing significantly over the previous year but not catching up with the peak from 2019. International tourism receipts exceeded pre-pandemic levels, reaching 1.

5 trillion U. S. dollars. Europe was the global region with the highest number of inbound tourist arrivals, surpassing 700 million in 2023. Asia and the Pacific reported around 240 million inbound tourist arrivals. Overall, global tourism has recovered from the pandemic’s impact.

Who is the richest tourism in the world?

The United States continues to be the most popular travel destination, ranking first in the Travel and Tourism Competitiveness Index for 2024. The country’s iconic attractions, including the Statue of Liberty and the Grand Canyon, attracted over 80 million international tourists in 2023, contributing $1. 8 trillion to its GDP.

Which country profits the most from tourism?

The US leads the travel and tourism market in revenue with 204. 45 billion U. S. dollars, followed by China with 149. 18 billion U. S. dollars, and Canada with 16. 75 billion U. S. dollars, resulting in a difference of 187. 7 billion U. S. dollars. Other insights include a ranking by country regarding revenue in the market and a subsegment in the Netherlands’ Cruises segment. Statista Market Insights covers a wide range of markets.

How much money does China make from tourism?

In 2023, China’s tourism revenue reached 4. 9 trillion yuan, largely generated by domestic tourism due to strict travel restrictions since February 2020. The global tourism industry, which contributes around ten billion U. S. dollars annually to the GDP, has significantly impacted other industries such as retail, accommodation, and transportation. China has become the world’s largest travel and tourism economy, surpassing the United States. The industry experienced a 11.

7 percent increase in revenue to around 5. 7 trillion yuan in 2019, before the COVID-19 pandemic. As the fourth largest country by land area, China offers a diverse range of natural, historical, and cultural sites. The country’s tourism industry includes both domestic and international travel, with Beijing, Shanghai, and Guangzhou being popular domestic destinations. However, the number of foreign tourists visiting China was only around 32 million in 2019.

Is tourism down in China?

China is experiencing a slower return of international visitors compared to Japan, which dropped Covid-related border restrictions in October 2022. Despite this, the National Immigration Administration reported a 130-year-on-year increase in foreign visitors from January to July. Additionally, summer trips have seen a double-digit increase in inbound bookings since last summer, according to Trip. com.

Does China rely on tourism?

In 2019, China attracted 49 million international visitors, representing a significant increase from the previous year. In 2019, China welcomed one million overseas visitors, with over a third of these individuals engaged in sightseeing and leisure activities. This resulted in a significant contribution to the country’s economy, with international tourism generating revenue of $131. 3 billion.

How much money does China spend on tourism?

In 2023, Chinese expenditure on travel abroad reached USD 196. 5 billion, followed by the United States, Germany, the United Kingdom, and France. The top ten spenders include Canada, Italy, India, the Russian Federation, and the Republic of Korea. India jumped to 8th place, while Italy rose from 10th to 7th position. France, Spain, and the USA consolidated their positions as the world’s most visited destinations, with 100 million international tourist arrivals.

Spain was second with 85 million, followed by the United States, Italy, and Türkiye, which closed the top five with 55 million international tourists. Mexico, the United Kingdom, Germany, Greece, and Austria completed the top ten most visited destinations. Italy, Türkiye, Mexico, Germany, and Austria all rose one position, while the United Kingdom rose from 10th to 7th and Greece from 13th to 9th.

What is China’s largest source of income?

The International Monetary Fund (IMF) predicts China to continue growing at a rate of 6. 3% in 2019 and 2020 and 6% in 2021, putting it ahead of most major economies and on track to eventually overtake the US as the world’s largest economy. The Chinese economy consists of manufacturing, services, and agriculture, employing the majority of the population and contributing to GDP. Since 1949, the Chinese Government has been responsible for planning and managing the national economy.

However, it was only after 1978 when Deng Xiaoping began market-based reforms that growth began to take off, averaging 10% annually for 30 years. The size of the Chinese economy grew by roughly 48 times, from USD 168. 367 billion in 1981 to USD 11. 01 trillion in 2015. Since then, China has had a socialist market economy, with a dominant state-owned enterprise sector alongside market capitalism and private ownership. Private businesses now produce more than half of China’s GDP and most of its exports, creating most new jobs.

What country does China make the most money off of?

China’s most important export partners include the United States, the European Union, and the ten ASEAN member countries. In 2023, the US overtook China as China’s most important export market due to a drop in US imports amid rising tensions. Russia also ranks among China’s most important partners, with imports from China increasing over 65% since 2021. These economies rely on China for various goods, including electronics, machinery, textiles, consumer products, and industrial supplies. The Covid-19 pandemic highlighted the interconnectedness of the world economy and its reliance on China. Statista offers daily infographics on various topics.

How rich are the 1% in China?

China’s wealthiest individuals are considered ultra-rich, with assets of just under $1. 1 million in 2023, according to a report. Even $850, 000 would have been considered enough to be part of the top 1 in China as of 2020. This is significantly higher than in other countries like Switzerland, Monaco, and the United States, where only those with a wealth of $8. 5 million or more would be considered part of the top 1. In the United States, the number of net worth needed to join the top 1 club was $5.

8 million in 2023. However, Knight Frank argues that many of the world’s top 1 are not ultra-high-net-worth individuals with assets over $30 million. With a global population of 80 million people, the most obscenely rich people are better qualified as the 0. 1 or 0. 01, accounting for just 8 million people and 800, 000 people, respectively.