EconoScope | 3 numbers highlight China's boom

Translated by Chen Tianhao

(ECNS) -- China, in some Western narratives, is economically backward and unsafe. However, visitors to China are often amazed by its prosperity and security.

For those who still don't buy it, check out how the three numbers highlight China's boom in the flow of visitors, goods, and capital.

152.7% -- Flow of visitors demonstrates China's determination

According to the National Immigration Administration of China, the country recorded 14.64 million inbound trips made by foreigners in the first half of 2024, up 152.7 percent year-on-year.

In addition, the number of visa-free entries made by foreigners exceeded 8.54 million, accounting for 52 percent of inbound trips and representing a year-on-year surge of 190.1 percent.

The growing fever among foreigners to visit China is triggered by its implementation of a unilateral visa-free policy for ordinary passport holders from 15 countries including France, Germany, and Australia and mutual visa exemption with 7 countries including Thailand and Singapore.

In World Economic Forum's Travel and Tourism Development Index 2024, China ranks eighth globally in promoting tourism development, and is the only developing economy in the top 10.

Twelve fold -- Flow of goods fuels China's energy

In recent years, China has continuously opened its domestic market to agricultural products from Southeast Asian countries, allowing more local specialties to be enjoyed by Chinese customers. Last year, Southeast Asian durian exports to China reached a staggering $6.7 billion, a twelvefold increase from 2017.

Nowadays, ASEAN is China's largest trading partner. In the first five months of this year, the total trade value between China and ASEAN reached 2.77 trillion yuan ($381.5 billion), an increase of 10.8%.

Apart from the flow of Southeast Asian goods, China Railway Express connects Europe and Asia. In May alone, the number of freight train trips reached a historic high, surpassing 90,000, with the value of goods exceeding $380 billion.

888 -- Flow of capital shows China’s potential

Today, more foreign financial institutions are attracted to set up and expand their businesses in China. Data shows that by the end of 2023, foreign banks had established 41 legal entities and 132 representative offices in China. The total number of operational institutions has reached 888, with total assets amounting to 3.86 trillion yuan.

Amid the vibrant flow of visitors, goods, and capital, China's high-level opening-up is unleashing new momentum. Amid the current international environment, where protectionism and unilateralism prevail, the above trends reflect China's attitude of "unwavering reform opening-up."