China
More Chinese traveling abroad means big opportunities for imported brands in China
In 2015, 70 million Chinese consumers traveled abroad with an average of 1.5 trips per person. While overseas, visitors spent US$104.5 billion, an increase of 12% and 16%, respectively.

In 2015, 70 million Chinese consumers traveled abroad with an average of 1.5 trips per person. While overseas, visitors spent US$104.5 billion, an increase of 12% and 16%, respectively.
Increases in personal income, the increased need for more ‘family togetherness’ relaxed visa policies and the appreciation of the RMB last year were key drivers of these increases. This year things have not been as rosy as China’s economic growth continues to decline, the RMB has been depreciating and the stock market has seen a lot of fluctuation.
However, outbound travel is expected to continue to grow as more international legs departing from China are being added and consumer confidence remains high with salaries rising and unemployment low.
According to a 2016 report by McKinsey entitled “The Modernization of the Chinese Consumer,” food and travel were identified as being two of the top categories in which consumers are most willing to spend.
Top destinations for Chinese tourists include other parts of Asia (including Australasia), Western Europe and North America. And they identify trying authentic, local cuisine as one of the most exciting experiences while traveling abroad.
TripAdvisor has become their preferred tool for searching and finding local restaurants during their stays.
And due to increasing online purchasing behavior and consumers being constantly lured by retailers offering rewards, discounts and even cash in return for their reviews, Chinese consumers are becoming more accustomed, as their western counterparts, at reviewing and rating their restaurant experiences.
Source: More Chinese traveling abroad means big opportunities for imported brands when travelers return home
China
RCEP and China: Reimagining the future of trade in Asia
The Regional Comprehensive Economic Partnership (RCEP) could eventually usher in an era of much deeper regional integration: for corporates doing business in the region, their future success may well hinge on how adeptly they manage to navigate the evolution of Asia’s trade landscape under the RCEP.

Last month, 15 countries in the Asia-Pacific region – including the 10 member states of the Association of Southeast Asian Nations (ASEAN) as well as China, Australia, Japan, New Zealand, and South Korea – signed the landmark Regional Comprehensive Economic Partnership (RCEP) on the final day of the 37th ASEAN Summit.
(more…)China
Thailand ready to ink big Chinese-backed trade deal
The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea and will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms.

Thailand is set to sign the world’s biggest free trade agreement with Japan, China, South Korea and 12 other Asia-Pacific countries at the 37th Asean Summit this week.
(more…)Business
Great Wall Motor (China) takes over GM factory in Thailand
The Thai production hub will become operational in the first quarter of 2021 with automobile production capacity of 80,000 units per annum.

Chinese carmaker Great Wall Motor (GWM) hosted a ceremony on November 2nd to celebrate the latest milestone in taking full ownership of Rayong Manufacturing Facility in Thailand.
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