If you think you have seen a lot of Chinese tourists lately, you probably have not seen all of them yet as the growth cycle for the tourism sector has just started.
Airbus forecasts China will need over 5,300 new passenger aircraft and freighters from 2014 to 2033; and China plans to build 66 new airports over the next five years. Air traffic penetration rate for China is extremely low and is still far below more developed countries. We believe the Chinese tourism sector is now at an inflection point, supported by rising GDP per capita; change in lifestyle and favorable government policies. Can China really engineer a soft landing? We expect China's tourism market will grow at a fast pace backed by the rising GDP per capita. China's average pe...
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