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IHG CEO optimistic about China's tourism market potential

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IHG CEO optimistic about China's tourism market potential

2025-01-18 22:11 Last Updated At:22:37

The CEO of IHG Hotels and Resorts, Elie Maalouf, expressed his optimism on China's market potential amid the country's efforts to roll out measures to boost domestic demand and attract overseas visitors.

As the global hospitality company marks its 50-year milestone in Greater China, its top executive said in an interview with China Global Television Network (CGTN) on Thursday that the company remains optimistic about the future and will strengthen its presence in this vital market.

"We're very proud to have completed 50 years in Greater China, but we're looking forward decades and decades ahead. China is the second-largest economy in the world. It's the second-largest population in the world. It's a very large domestic travel market, the second- or third-largest outbound travel market. So there's really no way to be a great hotel global company like we are and not be very strong in China," said Maalouf.

He added that China's visa-free policies have boosted travel both into and out of China.

"It has affected in both ways. One, there's been a surge of inbound travel from nearby markets, South Korea, Japan, Singapore, Malaysia. We even hear people from the Middle East coming, not so much from North America yet, a few more Europeans. And then there's also been outbound Chinese travelers, because the visa-free is reciprocal, to, again, the same countries, Japan, South Korea, Malaysia, Singapore, Vietnam, Indonesia, and the Middle East," said Maalouf.

The CEO also stressed that the demand for hotels in China remains stable.

"We see that domestic travel is pretty stable at the mid to upper levels. Hotels are busy. Occupancy is pretty stable. I'd say that room rates are down, and we saw that in 2024, impacted a little bit by consumer confidence. But the total volume of travel continues to grow, which is encouraging," he said.

Maalouf said he has also observed an interesting shift in Chinese consumer preferences toward travel in a trend that spans generations.

"What we're seeing is people preferring experiences over products, over goods. And so we see that also in China. Many hard goods sales are down, but experiences are up, apparel purchases are up, travel is up. So people are choosing experiences over products. And younger people are more interested in traveling and they are prioritizing travel over other spending. But then at other end of the age curve, you have the older people. The 'silver economy.' They have time. They've saved a lot, and they want to spend some of it, and they're traveling too," the executive said.

IHG CEO optimistic about China's tourism market potential

IHG CEO optimistic about China's tourism market potential

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China ready to push ties with Argentina to higher level: FM

2025-02-15 22:02 Last Updated At:22:37

China is ready to work with Argentina to implement the important consensus reached by the leaders of the two countries and bring the bilateral relations to a new level, Chinese Foreign Minister Wang Yi said on Friday.

This will benefit the people of the two countries and help China and Latin America achieve common development and prosperity, Wang said. He made the remarks during a meeting with his Argentine counterpart Gerardo Werthein on the sidelines of the ongoing Munich Security Conference.

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that the Chinese and Argentine people have enjoyed a long-standing friendship, and China-Argentina cooperation is equal and mutually beneficial.

Last year, Chinese President Xi Jinping and Argentine President Javier Milei held a meeting and reached important consensus on consolidating and developing bilateral relations, said Wang.

China is willing to work with Argentina to implement the consensus reached by the two heads of state and strengthen exchanges at the high level and in all fields, so as to bring the bilateral relations to a new level and better benefit the people of both countries, he said.

Wang also said the two sides should continue to respect and accommodate each other's core interests and major concerns, and continuously consolidate the political foundation of bilateral relations.

Wang pointed out that China does not seek spheres of influence, nor does it participate in geopolitical competition. In international affairs, China firmly practices multilateralism and is willing to work with Latin American countries, including Argentina, to firmly safeguard the international rule of law and the basic norms of international relations, he said.

Wang noted that China-Argentina relations are an important part of China-Latin America relations. Over the past decade since its establishment, the China-Community of Latin American and Caribbean States (CELAC) Forum has effectively promoted China-Latin America cooperation and brought tangible benefits to the people of both sides, he said.

China is willing to work with Latin American countries to support the development and growth of the China-CELAC Forum, helping China and Latin America achieve common development and prosperity, said Wang.

Werthein said that Argentina attaches great importance to its relations with China, and looks forward to strengthening high-level exchanges and deepening pragmatic cooperation with China.

Noting that Argentina appreciates China's support for Argentina's defense of its sovereignty over the Malvinas Islands, Werthein said Argentina firmly adheres to the one-China principle and is willing to become a reliable and stable cooperative partner of China.

Werthein also said that Argentina will play an active role in promoting the development of Latin America-China relations on the basis of strengthening bilateral relations.

China ready to push ties with Argentina to higher level: FM

China ready to push ties with Argentina to higher level: FM

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