Confidence in China boosted by economic rebound

TIANJIN — Increased inquiries for hotel rooms, catering and event reservations have thrilled Javier Gimeno, cluster general manager for Marriott International Group.

Gimeno, from Spain, was invited to Tianjin to manage the Marriott and Four Points by Sheraton hotels, which are adjacent to the National Convention and Exhibition Center, and has been in this management role since February.

"This year's hotel business is expected to far exceed that of last year. The future business outlook is more positive," said Gimeno.

Both hotels have experienced a strong rebound in business, thanks to China's stable economic recovery and increase in people's mobility.

China's huge consumption market gives Gimeno much confidence. Marriott International Group currently operates more than 450 hotels in approximately 120 cities in China and is expected to have over 700 hotels in the country by 2025, according to the company.

The value-added output of China's service sector rose 5.4 percent year-on-year in the first quarter of 2023, which contributed 69.5 percent to overall GDP growth. The accommodation and catering sector surged 13.6 percent over the period.

As CEO of LifePlus, an international education institution, Martin Klopper, from the United Kingdom, was delighted to obtain a multiple-entry visa for China this year to attend conferences and better understand the market.

LifePlus opened its first school in Tianjin in 1986. With more foreign-funded enterprises investing in China, LifePlus has set up five schools in five other cities, with over 2,000 students in total.

Klopper previously had lived in China for nearly 20 years. "China is our most valued market. I believe our market will continue to expand and more foreign companies will come to the country to find opportunities in the future."

Yokota Kaei, director of Aioi Nissay Dowa Insurance (China) Co Ltd, has been in Tianjin for a decade.

"I first came to Tianjin in 2004. The rapid development here is amazing," he said.

The company seized the opportunity provided by China's rapid development in auto consumption from 2007 to 2022, expanding its business scale by about 15 times, with its registered capital increasing from 200 million yuan ($28.6 million) to 1 billion yuan.

Kim Won-seob, with Industrial Bank of Korea (China) Ltd, views the accelerated digitalization and localization transformation of the company as important strategies needed to deeply cultivate the Chinese market.

"China's swift economic recovery is beyond our expectations this year," said Kim. The company has actively formulated business plans, especially loans targeting high-tech, eco-friendly companies and personal consumption.

"The broad market gives us the confidence to deeply develop in China," Kim said.

Data from the Ministry of Commerce showed that China's import and export of services totaled about 969.6 billion yuan in the January-February period, rising 1.7 percent year-on-year. Imports of services climbed 14.7 percent year-on-year to about 557.3 billion yuan in this period.

"We are looking forward to sharing opportunities resulting from China's economic recovery and growth," said Yokota.

Xinhua