Banyan Tree Holdings founder Ho Kwon Ping said his company — which operates more than 60 hotels — is seeing “Chinese tourism coming back quite strongly.”
"So you have a lot more free individual travelers … and they're the ones who can pay the higher airfares and so on.""The Chinese government made it very clear, they don't want to have a heavy investment-led growth, they want consumption-based growth and consumption equals tourism. And tourism, as any economist will tell you, has got the greatest sort of trickle-on effect," he said., which makes up about 30% of its economy.
"So that's why you see things like Country Garden … near to going bust, yet not going bust," he said, referring to the Chinese property giant thatIn addition,"the percentage of the Chinese population that actually still lives in modern housing is not halfway near what it is in the Western world. So there's a lot of demand still."
"I think Singapore can actually play a very important role in trying to make the U.S., the West in particular, understand that the rise of China is the rise of an entire civilization — and that it's not a zero-sum game where they're trying to rise to the extent of putting America and the West down."Even though the West has been dominant for the last 300 years, one global dominant power is not sustainable into perpetuity, he said.
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