Foreign tourists are starting to visit China more, paving the way for industry revenue of at least $2 trillion over the next decade, Morgan Stanley analysts predict. “Thirty months after China’s full reopening [from the pandemic] in January 2023, inbound travel has surprised us in a number of positive ways,” the analysts said in an Aug. 19 report. They see airlines as a potential beneficiary when the foreign visitor trend really takes off. After ending quarantine requirements and stringent visitor restrictions in early 2023, China started ramping up its visa-free programs. As of early July, travelers from more than 30 European countries , and parts of Asia and Latin America can visit China without a visa for 30 days. U.S. citizens can visit China for 10 days without a visa when transiting through the country. “The first quarter of this year was the highest number of inbound tourists China has seen,” said Daniel Zipser, leader of McKinsey’s Asia consumer and retail practice. “People always ask me for predictions. I would have never predicted that.” China last year also started to encourage foreign-friendly services , especially in enabling large-scale transactions via international credit card using mobile pay. Businesses in China predominantly use mobile payment apps from Tencent’s WeChat or Alibaba-affiliate Ant’s Alipay, which previously only supported users with local bank accounts. Tho …
