According to China's balance of payments report for the first half of 2019 released by the State Administration of foreign exchange on the 27th, China's overseas travel expenditure in the first half of the year was US $127.5 billion, more than 50% of which occurred in Asia.
The report shows that in recent years, with the improvement of domestic residents' income level and consumption capacity, residents' personal consumption of outbound tourism and studying abroad has become increasingly common, showing many new characteristics.
Mobile payment overseas consumption doubled
Among them, the payment channels for overseas consumption are more abundant and convenient. The payment method has developed from traditional remittance and cash payment to bank card payment. With the development of science and technology, mobile payment further facilitates residents' overseas consumption.
In the first half of 2019, China's travel expenditure was US $127.5 billion. Among them, bank card consumption is still the main payment method, but mobile payment has increased rapidly. In the first half of the year, the overseas consumption of mobile payment method doubled compared with the same period in 2018.
From China's balance of payments report for the first half of 2019.
More than 50% of travel expenses occur in Asia
In the first half of 2019, Asia accounted for 54%; Followed by the Americas and Europe, accounting for 24% and 13% respectively.
Among Asian countries and regions, the top ones are Hong Kong, Japan, Macao, Taiwan and South Korea. Among the American countries, the United States and Canada rank first. Among European countries, France, Italy, Britain, Switzerland, etc. rank first.
Education expenditure such as studying abroad increased by 20% year-on-year
The overseas consumption structure has been continuously upgraded and optimized. According to the category of expenses paid, travel expenses mainly include shopping, studying abroad, medical treatment, accommodation, catering, etc. Among them, shopping has always been the main consumption form of outbound travel of domestic residents, but the expenditure has gradually stabilized in recent years, which shows that the individual outbound shopping consumption of Chinese residents is becoming more and more rational, and also reflects the positive changes of improving the domestic shopping environment and attracting the return of consumption.
At the same time, the individual needs of Chinese residents for the internationalization of education have further increased, and they are more willing to invest in education. Taking bank card consumption as an example, in the first half of 2019, the amount used for shopping in overseas consumption was roughly the same as that in the same period in 2018, while education expenditure such as studying abroad increased by 20% year-on-year.
Travel growth in the one belt, one road 'along the border
The report shows that one belt, one road, and the other countries along the line travel consumption growth. With China one belt, one road, and other countries, the economic and trade activities are becoming more and more closely related. The residents in the territory know more about the countries concerned, and are more willing to take them as a destination for travel and consumption. While the traditional market travel consumption keeps stable, the travel consumption of the emerging market is gradually improving.
From the annual data one sees, the consumption one person in one belt, one road along the line has been increasing continuously in recent years, among which the top ranked countries are Singapore, Thailand, Vietnam, Indonesia and so on. One belt, one road, and the other countries along the way in the first half of 2019, consumed 14 billion 900 million dollars.