China to boost Southeast Asian tourism

Tourism in Southeast Asia is bound to grow as China lifts its travel restrictions

Tourism is one of the fastest-growing industries in Southeast Asia, reported the ASEAN Briefing. With tourists from around the region, the economy of its countries expand further, giving the tourism sector a large role in this growth.

Pre-pandemic, Chinese tourists contributed largely to the region’s flourishing tourism industry and analysts expect them to aid in the further recovery with the recent lifting of travel restrictions.

From 8 January onwards, Reuters revealed that Chinese residents may travel overseas, ending the reign of one of the strictest COVID regimes in the globe. This development bodes well for a region that is reliant on tourism.

More: Mainland China on path to becoming the largest economy in the globe

“We estimate that Hong Kong, Thailand, Vietnam, and Singapore would benefit the most if China’s travel service imports were to return to 2019 levels,” Goldman Sachs analysts told CNN.

The Gross Domestic Product (GDP) of Southeast Asian countries is expected to shoot up once the flow of tourists begins and settles within their borders. Countries such as Indonesia, Malaysia, and the Philippines have removed the COVID test requirement for visitors, whilst other countries like Thailand have prepared simple guidelines, requiring visitors to at least have two vaccine shots and health insurance.

Yet, industry analysts argue that the change will not happen instantaneously since Chinese residents will have to renew their passports and visas. Though hopes are high for other countries within the region to alter their guidelines for the return of Chinese visitors. Once tourism finds its pace, it will continue to flow, and growth in the economy of Southeast Asia’s countries will increase at a rapid pace.

The Property Report editors wrote this article. For more information, email: [email protected].