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management, said they are seeing high levels of cash globally. But she also stressed that, alth
ough it increases liquidity, cash may not necessarily be a safe strategy in the long run.
Faced with many uncertainties, including downward pressure on China’s economy and escalating trade fricti
on between China and the United States, 36 percent of the 465 Chinese high net worth ind
ividuals – those with average personal wealth of at least 10 million yuan ($1.45 million) – polled by the Hurun Research In
stitute said that the focus of their investment strategy will be to “avoid risks” this year, mainly by increasing
asset allocation to fixed income products, gold, bank deposits and currency products in the next three years.
Mark Haefele, chief investment officer at UBS global wealth management, said that investors sometimes focus too much on th
eir home region. “Diversification is still the best way to access opportunities and sidestep domestic risks,” he said.
or of the China Tourism Academy. “Compared to the United States, w
here 48 percent of its citizens hold a passport, the figure in China is only around 10 perce
nt. It’s estimated that the number of Chinese outbound travelers will reach 230 million in 2030.”
A report published by major Chinese travel agency Ctrip showed th
at 160 million Chinese people have travel plans during the upcoming four-day May Day hol
iday. Thailand, Japan, Vietnam, Taiwan and Indonesia are the top destinations outside the mainland.
Malaysia, which receives around 10 million Chinese tourists annually, began to i
ssue e-visas for Chinese in 2017. “The number of visa stickers on passports of Chinese na
tionals dropped by 70 percent in the first year after the service was introduced, showing its high popularity,” said Han.
Since last year, countries including Australia, New Zealand, Singapore, Turkey, Thailand and Sri Lanka have starte
d to accept visa application documents online and issue e-visas, either a bar code or QR code.
He told China Daily his company’s priority is to attract more peo
ple, especially non-locals, to visit and boost sales, as local consumption has limited potent
ial. The company is eyeing more business opportunities based on word-of-mouth among visitors, Long said.
This “one-stop industrial tourism”, as Long calls it, has contrib
uted more than 60 percent in total sales since his company started to feel out the market in 2005.
Long witnessed the company transform from a State-owned enterprise to a market-orient
ed limited company at the turn of century. By streamlining internal bodies and lifting the proportion of em
ployees involved in production while promoting its products via culture and tourism, costs can be cut, according to Long.
Now, he added, the annual production value of the company has reached 10 million yuan ($1.5 million).