CBN丨Tourism consumption sees strong rebound for summer travel season

2022年06月27日 21:04   21世紀經濟報道 21財經APP   李瑩亮

Hi everyone. I’m Stephanie LI.


Coming up on today’s program.


  • Summer tourism bounces back as effective epidemic control boosts confidence in leisure consumption; 

  • China's industrial profits see narrowed decline in May.

Here’s what you need to know about China in the past 24 hours 


It’s graduation time and as a reward many high school and university graduates choose to treat themselves to a celebratory trip before starting their next big stage in life. This year, spending per student has surged by 21 percent year on year as young people choose to travel further and with more frills, according to China’s largest online travel agency

More than 40 percent of graduates are opting to vacation in different provinces over this peak season from June 10 to July 30 as travel restrictions relax after a spate of Covid-19 outbreaks, the report said. 

Searches using the key words “graduation trip” have almost quadrupled since the start of the month on online travel agency Tongcheng Travel. And in the past week, such searches on travel experience-sharing platform Mafengwo have more than doubled.

Summer tourism has bounced back in China as prominent scenic spots reopen, most provinces allow inter-provincial travel, and many areas and attractions offer free tickets.

As a sign of the accelerated tourism recovery, the Universal Beijing Resort has reopened with limited capacity. The resort resumed operations on Saturday after a suspension of nearly two months and was top among all searches for theme parks across the country on domestic online travel platform Qunar.

Data from showed that in the week ended on June 21, the number of cross-provincial group tour bookings rose 291 percent from the previous week, and cross-provincial hotel bookings were up 151 percent on a weekly basis. According to Qunar's data, from June 1 to 15 this year, domestic hotel reservation has more than doubled from the second half of May.

To encourage summer tourism, nearly 500 scenic spots across China have announced free tickets or discounts for special groups, such as students and medical workers, in a bid to revive tourism, after COVID-19 flare-ups in many Chinese cities were contained, according to

Some scenic spots in Zhangjiajie, Central China's Hunan Province, better known as the mountains in Avatar, are open to students free of charge until August 31, according to the local tourism bureau.










  • Profits of China's major industrial companies saw a narrower decline in May as factories have restarted production lines amid improving business activities, data from the National Bureau of Statistics (NBS) showed Monday. Major industrial firms, each with business revenue of at least 20 million yuan, saw their profits decline 6.5 percent from a year earlier last month, narrowing from 8.5-percent contraction in April. In May, revenues of these major firms went up 6.8 percent year on year, a faster growth pace compared with April. During the January-May period, these industrial firms raked in around 3.44 trillion yuan in total profits, up 1 percent year on year.


  • China's National Meteorological Center renewed its yellow alert today for severe weather threats. From 2 p.m. Monday to 2 p.m. Tuesday, rainstorms are expected in parts of 14 provinces and regions across northeastern to southwestern China. Short spells of heavy rainfall and thunderstorms are also expected to lash certain areas. Parts of Liaoning, Shandong and Jiangsu will experience downpours with up to over 100 mm of hourly precipitation. 


Moving on to regional highlights


  • Restaurants in Shanghai will resume dine-in services starting Wednesday as the epidemic situation in the city has been basically brought under control, an official with the Shanghai Commerce Commission said at a press briefing on Sunday.

    上海周三起有序開放堂食:6月26日, 上海市新冠肺炎疫情防控新聞發布會指出,從6月29日起,轄區內無中風險地區且近一周內無社會面疫情的街鎮,將有序放開餐飲堂食。

  • Beijing’s education commission announced on Saturday that students of primary and high schools can go back to campus on Monday, as the city's COVID-19 epidemic situation has improved in recent days. According to the announcement, students of all grades of primary schools, students at grade one and grade two of middle and high schools can resume classroom education. Besides, children in kindergartens can go back to school on July 4.  


  • The sixth World Intelligence Congress concluded in Tianjin on Saturday. A total of 136 deals worth 84.9 billion yuan were signed, most of them in emerging high-tech fields such as information innovation, high-end equipment and bio-pharmaceutical, according to the organizer. 


Next on industry and company news


  • Africa’s largest listed investment group, Naspers, says it and its consumer internet arm Prosus plan to sell down its holding in Tencent Holdings to finance a share buyback program, sending the Chinese internet firm over 2 percent lower in the afternoon trading. Prosus’s CEO said in an interview that the selling will only be 3 to 5 percent of Tencent daily traded volumes. The company, spun off from Naspers in 2019, owns 29 percent stake in Tencent.


  • China Broadnet has become the fourth state-backed carrier in China to offer fifth-generation wireless network services, after it was granted a 5G network operator license together with the three main players in June 2019. The new player’s 5G services can now be booked with 7 monthly plans ranging between 118 yuan to 588 yuan, and phone numbers starting with the digits 192 will be available soon.


  • Avatr Technology, a high-end intelligent electric vehicle brand under Chinese carmaker Changan Automobile, will join hands with tech giant Huawei Technologies to develop four high-end smart EVs by 2025, according to the comprehensive strategic cooperation agreement they inked on June 25.


  • Airbus will establish the Airbus China Research Center in Suzhou, east China's Jiangsu Province, to strengthen the company's footprint and innovation partnerships in China, the company announced Friday. The Airbus and Suzhou Industrial Park signed a framework agreement on Friday on the establishment of the centre.


Switching gears to financial news


  • China's securities regulator will include exchange-traded funds (ETFs) in stock connect schemes with Hong Kong from June 24, it said in a statement on Friday. Stock connect schemes enable investors in mainland China and Hong Kong to freely trade stocks listed on exchanges in both locations.

    ETF正式納入互聯互:6月24日, 中國證監會發布《關于交易型開放式基金納入互聯互通相關安排的公告》, 公告自發布之日起實施,交易型開放式基金(即ETF)納入互聯互通。

  • The total bond issuance in China topped 4.91 trillion yuan last month, according to data from the People's Bank of China.The issuance of treasury bonds reached 561.62 billion yuan, and the issuance of local government bonds came in at about 1.21 trillion yuan, central bank data showed. In May, financial bond issuance stood at 556.24 billion yuan, and corporate bond issuance hit 759.54 billion yuan. The issuance of asset-backed securities totaled 10.39 billion yuan, and that of interbank deposit certificates reached 1.77 trillion yuan. 


Wrapping up with a quick look at the stock market


  • Chinese stocks rose on Monday, with tourism and consumer sectors leading the gains, as Shanghai reported zero new local cases for the first time in two months. The Shanghai Composite rose 0.88 percent and the Shenzhen Composite gained 1.1 percent. In Hong Kong, the Hang Seng Index closed 2.35 percent higher and the TECH index gained 4.71 percent.

    周一A股高開高走。滬指漲0.88%,深成指漲1.1%,創業板指漲0.22%。 滬深兩市成交額12291億元。板塊方面,煤炭開采加工、酒店及餐飲、機場航運等漲幅居前;房地產服務、保險板塊飄綠。港股恒生指數收漲2.35%,恒生科技指數收漲4.71%。

Biz Word of the Day


  • corporate bond is a type of debt security that is issued by a firm and sold to investors. The company gets the capital it needs and in return the investor is paid a pre-established number of interest payments at either a fixed or variable interest rate. 


Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, JIA Yuxiao, ZENG Libin, XIE Kaishan

Sound Editor: JIA Yuxiao

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

編委:  于曉娜






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