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China's inbound tourism up 130 pct during Labor Day holiday

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China's inbound tourism up 130 pct during Labor Day holiday

2024-05-05 15:49 Last Updated At:16:17

China's tourism industry has seen strong demand from international travelers during the five-day Labor Day holiday ending Sunday.

Official data shows that the country's inbound travel bookings during the May Day holiday increased by 130 percent year-on-year.

One of the popular tourist destinations has been Leshan City in southwest China's Sichuan Province. It is home to the 71-meter-tall Leshan Giant Buddha, which was carved out of a hillside in the 8th century and looks down on the confluence of three rivers.

A Czech tour group took a cruise to catch a glimpse of the majestic millennium-old grotto relics.

"Actually I have seen some photos already before, but it really is much more beautiful. It was amazing. Yes, I really liked it," said Maria, one of the Czech tourists.

In east China's Zhejiang Province, groups of overseas holidaymakers have also been flocking to Shizhuang Village to explore the local culture and ancient architecture.

"I like the wicker ball. It's good fun. I enjoyed it a lot. Beautiful, it really is. It's fantastic. I love all the old buildings in the mountains. It's amazing," said Robbie Alexander, a British tourist.

Beijing's Temple of Heaven welcomed some British tourists who donned traditional Chinese costumes, with the eldest among them aged more than 80. 

The Temple of Heaven, founded in the first half of the 15th century, is a place where emperors of the Ming Dynasty (1368-1644) and the Qing Dynasty (1644-1911) worshipped heaven for bumper harvests.

China's inbound tourism up 130 pct during Labor Day holiday

China's inbound tourism up 130 pct during Labor Day holiday

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Saudi Arabia takes steps to diversify economy, reduce reliance on oil

2024-05-18 13:21 Last Updated At:13:47

Saudi Arabia, known for its substantial wealth generated from oil and petroleum exports, has recently decided to reduce its reliance on oil.

Despite being one of the top 20 economies worldwide, the Kingdom recognizes the importance of diversifying its economy to ensure long-term stability and mitigate the risks associated with fluctuations in oil prices.

The strategy is based on financing heavily in non-oil sectors where there is high potential for growth such as renewable and clean projects, infrastructure, manufacturing, and in sports.

These efforts are led by the Public Investment Fund, one of the largest sovereign wealth funds in the world.

"The Public Investment Fund serves as Saudi Arabia's investment arm, playing a dual role in the Kingdom's economic development. Firstly, it generates revenue by making investments abroad. Secondly, it focuses on establishing local businesses that contribute to the growth of the industrial sector," said Ahmed El-Menefy, a financial consultant.

China is viewed by Riyadh as a major partner in this ambitious initiative in various industries like AI, electric vehicles, petrochemicals and renewable energy.

"China, the second largest economy globally, leads various industries. Bilateral trade has seen substantial growth, reaching 106 billion U.S. dollars in 2022, with a projected increase to 120 billion dollars in 2024. The Belt and Road Initiative has played a vital role in strengthening economic ties, benefiting both nations," El-Menefy said.

Saudi Arabia takes steps to diversify economy, reduce reliance on oil

Saudi Arabia takes steps to diversify economy, reduce reliance on oil

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