China’s domestic tourism to hit $1.5 trillion

Terracotta Warriors

Terracotta Warriors

China’s domestic tourism market is expected to receive 10 billion visitors per year on average, with the annual revenue reaching 10 trillion yuan (US$1.5 trillion) in the next five years, according to a report from the China Tourism Academy on Sunday.

In 2019, China recorded more than six billion domestic tourist trips, said the report released at a tourism-related forum in Beijing over the weekend.

The report added that China saw more than 145 million inbound tourist trips in 2019, and its annual tourism revenue topped 6.63 trillion yuan.

In the next five years, the contribution of China’s domestic tourism market to the national economy and employment will likely stay above 10%, according to the report.

Also at the forum, Hu Heping, the minister of culture and tourism, stressed the importance of developing mass and smart tourism, promoting the integrated development of culture and tourism, as well as strengthening market regulation, among other things.

Foreign Investment Law

Chinese Premier Li Keqiang signed a decree of the State Council at the weekend, revising and abolishing some administrative regulations as part of efforts to implement the Foreign Investment Law. Items in 22 regulations were revised.

Measures for Administration of Establishment of Partnership Enterprises in China by Foreign Enterprises or Individuals were abolished.
The decisions will go into effect immediately.

Farm produce

China has strengthened the construction of supply chain facilities for farm produce storage, preservation and cold chain logistics to further stabilize the market of agricultural products, official data showed.

The country has allocated 5 billion yuan this year to support the construction of the facilities at 16 provincial-level regions, according to the Ministry of Agriculture and Rural Affairs.

Some 14,000 such facilities with a total capacity of more than 6 million tons are expected to be built or reconstructed by the end of the year. The facilities will develop producers’ ability to store and preserve farm produce before selling them at the proper time, said the ministry.

Beijing’s tech hub

Beijing’s Zhongguancun, better known as China’s Silicon Valley, is eyeing new digital economy growth in its roadmap for the next five years.

By 2025, the total income of the digital economy in Zhongguancun Science Park is expected to exceed 6 trillion yuan, with an average annual growth rate of no less than 15%, according to a digital economy roadmap released by the Zhongguancun park’s management committee.

From January to October this year, the revenue of the Zhongguancun digital economy grew by 16.3% year-on-year to reach 2.56 trillion yuan, with new developments in internet applications for medical services, education and offices.

The hub aims for breakthroughs in core and applicable technology, fostering strong enterprises in the digital economy and supporting industrial innovation. It will further boost innovation in and the application of AI, big data, blockchain and the Internet of Things, and will advance the integration of the digital economy and the real economy.

Integrated circuit design

China’s integrated circuit (IC) design industry has maintained fast growth this year as the country took decisive action to contain the epidemic, according to an industry expert.

The total sales volume of China’s IC design industry is expected to grow 23.8% year-on-year to reach 381.94 billion yuan by the end of 2020, said Wei Shaojun, general director of the China Semiconductor Industry Association IC Design Branch. The sales will account for nearly 13% of the total sales revenue in the global IC design market, Wei said.

The number of IC design enterprises in China has increased to 2,218, of which 289 are set to see their sales revenues surpass 100 million yuan this year. The output value of China’s semiconductor industry has already topped 590.58 billion yuan in 2020, according to Wei.

Company news

Huawei Technologies, a Shenzhen-based telecommunication equipment maker, said it has made another major breakthrough in ultra-high-speed transmission, becoming the first to achieve 220 GBaud ultra-high-speed signal transmission. This paves the way for applying transmission rates that exceed 1 Tbit/s per wavelength.

According to previous academic research, the highest symbol rate recorded is 192 GBaud. For the 800G single wavelength transmission, the highest symbol rate in a commercial product is about 95 GBaud.

The findings were published in a post-deadline paper (PDP) by Huawei at the European Conference on Optical Communications (ECOC) 2020. At this year’s event, 460 papers were reviewed, among which only seven papers were selected as PDPs. Huawei is the only Chinese equipment vendor whose achievement has been recognized.

Source: Asia Times – China’s domestic tourism to hit $1.5 trillion

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