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  • Yazarın fotoğrafıHaleed Mansur

How Axes are Shifting in Global Tourism towards China?

Güncelleme tarihi: 2 Tem 2023

Tips on travelling -World Guide-

As you know, China's One Belt One Road (OBOR) initiative, also known as the Belt and Road Initiative (BRI), is a large-scale development strategy aimed at enhancing connectivity and promoting economic cooperation between China and countries across Asia, Europe, Africa, and beyond. Launched in 2013, OBOR seeks to revive the ancient Silk Road trade routes and spur economic growth through infrastructure development, trade facilitation, and people-to-people exchanges. All these mean that in tourism, things will change rapidly according to this initiative's routes.

From the "Forbidden City" of China
From the "Forbidden City" of China

Here is a rundown to it:

  1. What is it?: The OBOR initiative encompasses two main components: the "Silk Road Economic Belt" (land-based route) and the "21st Century Maritime Silk Road" (ocean-based route). It spans over 140 countries and regions, accounting for about 60% of the world's population and around 30% of global GDP. Remember that Asian countries are the prominents so Paris has lost its "World Tourism Champion Title". You can tell by only looking at how Hong Kong and other leading Asian cities dominated tourism in 2023.

  2. Infrastructure Investment: OBOR aims to foster connectivity through the development of infrastructure projects such as railways, highways, ports, airports, and pipelines. It is estimated that the initiative could generate investments ranging from hundreds of billions to trillions of dollars over the coming years. Better roads mean happy tourists -and more tourists-

  3. Trade and Investment: OBOR aims to promote trade and investment flows along the routes. It seeks to strengthen economic ties, reduce trade barriers, and boost trade volumes between China and participating countries. According to a report by the World Bank, BRI countries account for approximately 30% of global merchandise trade. Enough to note that how countries got in line just to be in BRICS... We'll have a post about BRICS as well. For now it's important to have this insight: Common surrency units bind people and motivate them to move beyond country borders. E.g. European Union.

  4. Financing: China has established various funding mechanisms to support OBOR projects, including the Silk Road Fund, the Asian Infrastructure Investment Bank (AIIB), and bilateral agreements. Additionally, Chinese state-owned banks, such as the China Development Bank and the Export-Import Bank of China, have played a significant role in providing financial support.

Examining our summary, you can easily tell that China is the coordinator of the project. But how will the West react to this emerging new travelling and finance world? Firstly they need to lift their head up from the forced war of the Ukraine. Macron can be counted as one of the awakened in that sense, right? He is trying to keep Paris in the first 10 at least. One last thing to gather up: Tourism and the finance is the same thing, if you lead in tourism you lead in economy.

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