U.S. Becomes a Destination for Chinese Tour Groups

A U.S.-China tourism press conference announced that the United States will be accessible to Chinese tour groups beginning June 17, 2008, when the first group leaves for Washington D.C. The CNTA (China National Tourism Administration) and the U.S. Department of Commerce signed a memorandum of understanding in December 2007, and have made specific plans to facilitate Chinese outbound tour groups. During the six-month-long “stage one” of the agreement, citizens living in Beijing, Tianjin, Hebei, Hubei, Hunan, Shanghai, Jiangsu, Zhejiang and Guangdong can join groups visiting the United States. Previously, Chinese citizens have been permitted to visit the U.S. for business and study purposes. In 2006, each Chinese visitor spent an average of around US $6,000 while visiting the United States.

Barrier-free Facilities for the Forbidden City and Great Wall Operational

Barrier-free facilities have been installed in Beijings Forbidden City, making it possible for the handicapped to ascend the tower of the Meridian Gate and tour the main palaces. A specially produced booklet outlines the location of all facilities and marks out an appropriate route around the famous tourist attraction. At Badaling, the section of the Great Wall most visited by tourists, a 400-meter ramp has been built. The disabled can also take a special lift to the Walls summit.

Lehman Brothers Predicts Slowdown for China in 2009

China cannot be inoculated against the world economic downturn, the global investment bank Lehman Brothers stated recently at a press conference on 2008 Asian market liquidity. It predicts a slowdown in Asian economies, although it also believes the regions rapid growth will continue. Chinas GDP growth is expected to decline to 9.8 percent this year, and fall to 8 percent in 2009. However, the crucial issue for the nation is coping with the excess production capacity that has been created by a much more rapid growth in investment than consumption.

“In past years, this pressure was eased through exporting goods to overseas markets, but export volume is falling with the global downturn,” said Sun Mingchun, a senior economist with Lehman Brothers China. Many export enterprises have to deal with problems like overstocking, low profit margins, deficits and even bankruptcy. The present situation, if it continues, will affect the asset quality of banks, which will have a domino effect.