Event:
Recently, the State Council issued the notice on printing and distributing the tourism development plan of the 14th five year plan.
Comments:
Development goals. By 2025, the effective supply, high-quality supply and flexible supply of tourism will be more abundant, and the consumption demand of mass tourism will be better met. The foundation of epidemic prevention and control is stronger, and the requirements of scientific and accurate prevention and control are fully implemented in the tourism industry. China’s tourism is booming, inbound and outbound tourism is advancing in an orderly manner, and the international influence and competitiveness of tourism are significantly enhanced. Culture and tourism are deeply integrated, tourism innovation ability is significantly improved, the characteristics of smart tourism are obvious, and the level of industrial chain modernization is significantly improved.
We will improve the supply system of tourism products and integrate multiple industries. The 14th five year tourism plan mentioned that the people’s requirements for the quality of tourism consumption have increased, the tourism demand has changed from sightseeing to leisure vacation, and tourism has become an important industry to meet the people’s good life. Based on world heritage sites and national 5A tourist attractions, build a number of world-class tourist attractions and resorts with rich cultural heritage, build a number of national tourism and leisure cities and blocks with distinctive cultural characteristics, and accelerate the development of red tourism and rural tourism. On the whole, during the 14th Five Year Plan period, the tourism industry will make steady progress, pay more attention to the supply side structural reform, accelerate multi industry integration and promote tourism consumption through the development of “tourism +” and “+ tourism”.
Inbound and outbound tourism has recovered in an orderly manner, and China tourism has been improved through innovation. The plan points out that it is necessary to innovate and improve China’s tourism under the condition of normalization of epidemic prevention and control, and promote inbound tourism step by step and steadily develop outbound tourism on the premise that the international epidemic is effectively controlled. The recovery of inbound and outbound tourism still depends on the control of the international epidemic. As of January 19, 2022, the global complete vaccination rate of covid-19 vaccine has reached 51.59%. Considering the current vaccination speed and the propagation speed of Omicron variant of covid-19 pneumonia, combined with the recent “14th five year plan for civil aviation development” proposed 2021-2022 as the recovery savings period for civil aviation development, the inbound and outbound tourism policy is expected to change in the second half of 2022. The plan points out that it is necessary to improve the tourism open cooperation system and promote the global layout of Chinese tourism enterprises. In terms of China tourism, it may continue to adhere to the dynamic clearing policy, which is expected to gradually achieve accurate epidemic prevention and control with the construction of smart tourism, gradually relax epidemic prevention restrictions, and innovate and improve China tourism through the development of rural tourism.
Gradually improve the tax exemption policy system. The plan improves the certainty of inbound and outbound tourism recovery, and points out that it is necessary to improve the policy system of duty-free industry and promote the healthy and orderly development of China’s duty-free industry. The tax exemption policy system is expected to be gradually improved, from the tax exemption on outlying islands to the tax exemption in the city. Improve the service level of shopping departure tax rebate, expand the coverage of shopping departure tax rebate policy, and encourage more merchants to voluntarily become tax rebate stores to enrich the types of goods. The entry tax rebate policy is expected to be implemented to further attract foreigners to consume in China and expand the international influence of China’s tourism industry, so as to attract more foreign brands to enter China and build an international consumption center.
Investment strategy: the 14th five year plan focuses on the stable and orderly recovery and development of tourism, accelerating the structural reform of tourism supply side, the integrated development of multiple industries, promoting tourism enterprises to “go global” and gradually improving the tax exemption policy, which is expected to benefit scenic spots, outbound tourism, OTA, hotels, tax exemption and other sectors. It is recommended to pay attention to China Tourism Group Duty Free Corporation Limited(601888) (601888), Shanghai Jin Jiang International Hotels Co.Ltd(600754) (600754), Btg Hotels (Group) Co.Ltd(600258) (600258), Songcheng Performance Development Co.Ltd(300144) (300144), Caissa Tosun Development Co.Ltd(000796) (000796), Utour Group Co.Ltd(002707) (002707), Changbai Mountain Tourism Co.Ltd(603099) (603099), etc.
Risk tips: repeated covid-19 epidemic, policy changes, intensified competition, deterioration of Sino foreign relations, etc.
