Date
15 November 2018
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The Big Picture: GOLDEN WEEK BOOST

Highway operators, railway-related firms, tourism plays as well as recreational and hospitality sectors are likely to cheer a robust increase in the number of rail travelers and general visitors to the nation’s popular tourist spots during the seven-day long National Day holiday that kicked off on Tuesday. Among the various beneficiaries, industry leaders such as Shanghai Jinjiang International Hotels Development Co., China International Travel Service Corp., Zhejiang Expressway Co. and Jiangsu Expressway Co. are likely to attract fresh investor interest when the Chinese stock markets reopen on Oct. 8. The Ministry of Transport has said that it expects more than 610 million passengers to travel on roads and waterways during the so-called Golden Week holiday. Official data showed that China’s railways carried a record high 10.33 million passengers on Tuesday, the first day of the week-long national holiday, exceeding an earlier forecast made by China Railway Corporation. The strong domestic travel numbers and increased spending power was also reflected in a more than double-digit growth in visitor traffic at popular scenic spots. Total visitor traffic at 122 key tourist spots during the first day of the National Day holiday period is said to have hit 66.69 million as of 5 pm that day, representing a year-on-year growth of 24.1 percent, while entrance ticket sales totaled 152.47 million yuan (US$24.9 million), up 25.76 percent over last year.

Indonesia visit: During his state visit to Indonesia on Wednesday, Chinese President Xi Jinping once again pursued the policy of expanding Beijing’s reach economically and politically to the neighboring countries, seeking to counter-balance the influence of the United States in the region. Xi said bilateral ties with Indonesia will be enhanced to a comprehensive strategic partnership, a move that could give China, the top energy consumer, greater access to one of the world’s biggest holder of natural resources. Indonesia has housed the world’s biggest population of overseas Chinese — over 10 million — and China has already become the Southeast Asian nation’s biggest overseas investor. Such figures could translate to enormous business opportunities. In Wednesday’s meeting, the two nations said they aim to boost bilateral trade to US$80 billion, from US$66 billion in 2012. Meanwhile, central banks from the two nations signed a currency swap deal.

– Contact the reporter at [email protected]

RC

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