CHINA UPDATE


Adjusting to a new normal in China


Many are concerned that a slowdown in the Chinese economy will greatly impact the DF&TR industry (if it hasn’t already), but operators in China remain optimistic, as the government’s initiatives succeed in boosting domestic tourism. Charlotte Turner reports.


D


uring this year’s National People’s Congress, China’s Premier of the State


Council, Li Keqiang revealed that GDP rose 6.6% in 2018. However, due to numerous influencing factors his forecast for GDP growth in 2019 was more conservative at 6-6.5%.


Of course, the highly publicised trade dispute with the US certainly has a part to play in the country’s economic outlook, but is by no means wholly to blame. Despite the moderate forecast and warnings issued by economists in recent months, high profile members of the


DF&TR community have argued that China still holds so much promise in terms of the still-growing number of outbound and domestic tourists, but also as a duty free market in its own right.


Is China still vibrant? TFWA President, Alain Maingreaud was one such industry figure who addressed delegates at the recent excellent China’s Century Conference in Hainan (early March). During his opening remarks he


referred back to 2008/2009 when a financial crisis in Europe and the US was thankfully offset by growth in a ‘vibrant China, which kept the global


“China today is growing from a much larger base…I think it’s important to keep a sense of proportion…”


Alain Maingreaud, President, TFWA


Beauty remains the top-performing category in China. MAY 2019 TRBUSINESS 73


Above: The flagship Haitang Bay International Shopping Complex on Hainan Island.


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