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24 January 2048

rism deficit was over $US154bn. last year. Meanwhile, ma▓ny visitors to China come from high-income b▓rackets. So if the RMB jumps u▓p in

22 January 2048

value, they would not stop them from coming to the country.They are likely to spend e▓ven more money here, but China still ha▓s a long way to go to upgrade its tourism sec

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tor, since Shanghai, Beijing and Guangzhou continue ▓to b

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e the hot spots for foreigners, while othe▓r Chinese cities go largely ignored, du▓e to substandard tourism facilities.What to expe▓ct in 2017 …As expected, when Trump enters the White House with his inaug▓uration on Jan 20, more trade wars w▓ill ensue and that will include tensions between Beijing and Washington. There&▓rsquo;s no way to escape that.Yet, ▓China is already focusing o

n encouragi▓ng more domestic spending, rather ▓than drive up exports, which can lessen the impact of higher tariffs on Chinese goo▓ds delivered to the US. China will likely respond with higher tariffs on US imports▓ too.For both countries to succeed, they must r▓ely more on internalizing their economic structures. The US manufacturing sector wi▓ll get an added boost, while Chinese buying pow▓er will get much stronger.And there’s something to think

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about.When Americans w▓ere buying up Chinese imports, the purchase spree made Chinese companies over-dependent on the US economy. If China decides not t▓o engage in trade wars, Chinese buyers may soon make American exporters overly-reliant on t▓hem.The roles could be reversed, but there’s some benefits to holding

  • st Asian countries.As reported by London-based World Travel and Tourism Council (WTTC), Chinese tourists traveling ove
  • rseas h▓ad spent over $US215bn., a 53 percent increase fro▓m the prior year. But, foreign
  • visitors to China had spent $US61bn (385RMBbn.) in 2015, just a 3 percent rise fro▓m 2014
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