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China’s tourism revenue sees double-digit growth during CNY holiday

February 22, 2018

BEIJING - China posted double-digit growth in tourism revenue during the week-long Lunar New Year holiday, with the tourism industry taking in RMB475 billion (US$75 billion) in revenue, up 12.6% from last year's holiday, according to the China National Tourism Administration (CNTA).

Some 386 million trips by tourists were made, up 12.1% from last year, CNTA said in a statement.

The State newsagency, Xinhua, reported that Guangdong, Sichuan and Hunan received the most tourists among all provincial regions.

Debt-to-equity swaps clean up China banks: But is all as it seems?

February 9, 2018

HONG KONG - Chinese banks seem to have made meaningful progress in the resolution of problem loans, says the French banking group Natixis in a research report. The aggregate amount of announced debt-to-equity (D/E) swaps has reached RMB1,048 billion, amounting to 1.1% of total loans at end-2017. “We expect banks to see an improvement, with corresponding relief on overall asset quality/profitability, but only if the announced deals are implemented for real,” Natixis says.

Some 90 million UnionPay credit cards now on issue outside mainland China

February 11, 2018

SHANGHAI,-  UnionPay International, China’s only credit card provider, says  about 20 million more UnionPay cards were issued outside the Chinese mainland in 2017, increasing the total number of UnionPay cards issued outside mainland China to about 90 million. The transaction volume of these UnionPay cards grew by about 40% on-year.