Results for: Economic Recovery

China’s factory activity contracted for the second consecutive month in June, according to official data released on Sunday. This underscores the country’s fragile economic recovery ahead of a key political gathering focused on deepening reforms. The manufacturing purchasing managers’ index (PMI), a key gauge of factory output, remained at 49.5 in June, signaling a decline in activity. While the non-manufacturing PMI expanded, it also registered a decline from the previous month. The data highlights challenges for policymakers, including a prolonged debt crisis in the property sector, sluggish consumption, and high unemployment.

Starting July 1st, Chinese tourists will enjoy a significant increase in their duty-free shopping allowance in Hong Kong and Macau, aiming to revitalize the economies of both cities following the Covid-19 pandemic. The new policy is projected to generate substantial revenue for the region, particularly for Hong Kong, which has been struggling with a decline in tourism and political instability.

China has extended its visa-free policy until December 31, 2025, for citizens of 12 European nations and Malaysia. The policy allows for visa-free entry for up to 15 days for tourism, business, family visits, or transit purposes. New Zealand has also been newly included in China’s visa-free entry list. The move is part of China’s efforts to boost inbound tourism and business amid economic recovery post-COVID-19. The Chinese government is committed to fostering new visa-free agreements and enhancing tourism infrastructure to support cross-border travel and boost economic development through increased tourism.

In a bid to revitalize its tourism industry, Thailand has extended visa waivers or granted visa-on-arrival privileges to citizens of 93 nations, enabling them to stay in the country for up to 60 days. This move aims to attract more tourists and generate revenue for the economy.

New York City’s tourist tax revenue has rebounded above pre-pandemic levels, largely driven by a surge in domestic visitors. Despite a decline in international and business travel, the city welcomed 62.2 million visitors in 2023, generating a record $4.9 billion in tourism-related tax revenue. While the industry is still below pre-pandemic employment levels, New York City remains the top tourist destination in the United States.

Pakistan’s economy experienced a resurgence in the third quarter of the 2023-2024 financial year, with the gross domestic product (GDP) expanding by 2.09%. This growth is primarily attributed to a strong performance in the agriculture sector, aiding overall economic recovery. The agriculture sector recorded an impressive 6.25% growth, driven by bumper harvests in wheat, cotton, and rice. The robust agricultural performance offset slower growth in the industry and services sectors, both of which registered a modest 1.21% increase. Pakistan’s central bank has projected a real GDP growth of 2-3% for the current fiscal year 2024, indicating a positive economic outlook.

China has witnessed a surge in foreign visitors since the implementation of revised visa policies. In the first quarter of 2024, China issued over 466,000 foreigner visas, while nearly 2 million foreign nationals entered the country without visas. Initiatives to enhance inbound travel include simplified visa conditions for overseas visitors, border exemptions for direct transit, and streamlined processes for extensions and renewals.

China has announced a series of unprecedented measures to stabilize its struggling property sector. The measures include allowing local governments to purchase unsold apartments, relaxing mortgage rules, and pledging to complete stalled construction projects. The move is seen as a major intervention by the government to address the growing crisis in the property sector, which has been a major drag on the Chinese economy.

China has implemented a new visa-free policy for foreign tour groups arriving by cruise ships, allowing them to stay for up to 15 days. This initiative aims to revitalize the country’s inbound travel market, which has faced challenges in recent years. The policy permits hassle-free entry and exploration of coastal provinces and Beijing for tour groups managed by domestic travel agencies.

Driven by post-pandemic relaxation and government initiatives, domestic tourism in China has rebounded with a surge in domestic travel. However, international arrivals continue to lag, posing challenges to the industry’s long-term sustainability. The disparity presents opportunities for local businesses and economic growth but also highlights the need for strategies to revitalize international tourism.