Payment transactions by visitors to China surge during May Day holiday

BEIJING - The number of payments made by visitors to China saw a sharp increase while the total value of these payments also surged during the just-concluded May Day holiday, data from the Chinese central bank has shown.

Based on payment transactions handled by China UnionPay and NetsUnion Clearing Corporation, the number of payments made by overseas visitors to China jumped 244.86 percent year-on-year during the holiday that ended Monday, with the total value of these transactions rising 128.04 percent, according to data from the People's Bank of China on Tuesday.

This growth was accompanied by a rising number of foreign tourists in China during the period. China's visa-free policies boosted inbound travel, with a total of 380,000 foreigners entering China under such arrangements during the holiday - up 72.7 percent year-on-year.

To attract international travelers, China has expanded visa-free policies to allow longer stays and wider travel within the country along with simplified visa procedures, and introduced new conveniences such as instant tax refunds for departing visitors.

Central bank data also revealed that the number of payment transactions handled by China UnionPay and NetsUnion in China during the holiday had totaled 23.44 billion, an increase of 20.49 percent year-on-year.

The total value of these transactions reached 7.64 trillion yuan ($1.06 trillion), up 3.21 percent.