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Key Subsidies | Notice from Weifang City Regarding Organizing Participation in the US (Chicago) International Private Label Show

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05-21

Key Subsidies | Notice from Weifang City Regarding Organizing Participation in the US (Chicago) International Private Label Show

Flight frequencies increased, switched to larger aircraft, Chengdu direct flights to Singapore are extremely popular.

On January 25, after the "Agreement Between the Government of the People's Republic of China and the Government of the Republic of Singapore on Mutual Visa Exemption for Holders of Ordinary Passports" was announced, searches for Singapore flights and hotels on online travel platforms increased manifold, with Chengdu being one of the popular source cities. Reporters learned from relevant airlines that some airlines have recently increased the frequency of round-trip direct flights from Chengdu to Singapore and deployed larger wide-body aircraft to operate this route to meet the travel needs of passengers. According to the agreement, it will officially take effect on February 9 this year (Chinese New Year's Eve). At that time, citizens of both countries holding ordinary passports can enter the other country visa-free for tourism, visiting relatives, business, and other private matters, for a stay not exceeding 30 days. After the announcement of the news, searches for Singapore flights and hotels on various online travel platforms increased significantly. According to data from Qunar platform, searches for Singapore hotels increased by 4 times compared to before the announcement, and the popularity is still rising. Data from Fliggy platform shows that within 1 hour after the new visa-free policy was announced, searches for Singapore flights increased by over 15 times month-on-month, and searches for hotels increased by over 6 times month-on-month. According to data from travel platforms, Beijing, Shanghai, Guangzhou, Chengdu, Hangzhou, Shenzhen, Nanjing, Hong Kong, Wuhan, and Xiamen are the top ten popular source cities for tourists traveling to Singapore. During the Spring Festival period, Singapore has become the fifth most popular destination for Chinese outbound tourists. It is reported that, from the search trends, popular hotel districts in Singapore include Sentosa, Marina Bay, Merlion Park, and Clarke Quay, and currently, many high-end luxury hotels still have prices within a thousand yuan. Gao Bi'ang, head of Fliggy Travel's Spring Festival project, stated that the mutual visa exemption will take effect from Chinese New Year's Eve, which means the enthusiasm of domestic tourists to vacation in Singapore and Singaporean tourists to enter China to celebrate the Chinese New Year will be fully ignited during the upcoming Spring Festival holiday. In fact, data also shows that search popularity for travel to Singapore during the Spring Festival holiday instantly increased by over 20 times. As of 16:00 on January 25, the booking volume for Singapore travel during the Spring Festival holiday increased by over 30 times compared to the same period last year, and shows a further accelerating growth trend. It is understood that the booking popularity for flights and hotels in Singapore continues to rise, and Fliggy will increase service investment for popular outbound travel destinations, including Singapore, to better serve travelers' holiday inbound and outbound travel needs. Travelers' enthusiasm for visiting Singapore is high, and travel is becoming increasingly convenient. On January 25, reporters learned that Singaporean airlines have increased the frequency of direct flights from Chengdu to Singapore in mid-this month, from the original three flights per week to one flight daily. Meanwhile, Air China also announced that during the Spring Festival travel rush, it will deploy the A330 wide-body aircraft with stronger transport capacity to operate the Chengdu Tianfu to Singapore route. During the 40-day Spring Festival travel rush, the A330 model will operate 14 flights and the A321 model 34 flights, to meet passenger travel demands by increasing capacity.

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04-16

Flight frequencies increased, switched to larger aircraft, Chengdu direct flights to Singapore are extremely popular.

What does

Understanding the key exhibition and conference terms in the "Two Sessions" and grasping the economics of the "Two Sessions" for the MICE industry is crucial for exhibition and conference companies to seize future development directions. In these government work reports, which act as a "baton" for local economies, many regions have focused on exhibitions and conferences. These descriptions of exhibitions and conferences reflect local governments' recognition and affirmation of their value, as well as their expectations for the MICE industry, and also serve as a guide for the MICE industry to adapt to the trend and seize development opportunities. The information related to the MICE industry described in the government work reports released by Guangdong Province and Zhejiang Province in 2024 is almost identical: Guangdong emphasized that Party and government agencies should get used to living frugally, adhere to diligence and thrift in all undertakings, and reduce fiscal expenditures on exhibitions and forums by more than half; Zhejiang also emphasized that while the government lives frugally, it should strictly enforce financial discipline, strictly control general expenditures, significantly reduce activities such as forums, exhibitions, and festivals, and use more financial resources to help businesses, promote development, and benefit people's livelihoods. "Significantly," "reduce," "strictly enforce," and "strictly control" to some extent indicate the government's "attitude" towards the development of the MICE industry. However, the "reduction" mentioned in the report should refer to the reduction of government-led forums, exhibitions, festivals, and similar activities, rather than commercial forums, exhibitions, festivals, and similar activities. Moreover, this is not the first time the government has proposed similar content, so there is no need to worry excessively about it; this policy will not have a major impact on the market order of the MICE industry. Industry insiders believe that Guangdong and Zhejiang, two major economic provinces, have mainly realized that past government-led exhibition activities were too extravagant and wasteful, far from reaching their expected goals, with "face projects" and "formalism" being too serious. The proposals from the two provinces have certain positive significance for purifying the MICE environment. Government-led exhibition projects account for a significant proportion of the market. Among local projects, there are many with poor social and economic benefits, consuming large amounts of fiscal funds and government resources. Cleaning up a batch of ineffective government exhibitions and some redundant meetings where form outweighs content, and allocating limited financial resources towards major high-quality projects, will also help cultivate local brand projects. Although most of the reduced activities are government-organized exhibitions and various institutional meetings, this will still have a negative impact on some MICE companies, especially those MICE service providers primarily catering to government-type meetings and exhibitions, including hotels, professional PCOs (Professional Congress Organizers), and exhibition construction companies. These service providers, with the government as their client, may face challenges such as declining order volumes and reduced client budgets. This will further accelerate the adjustment of MICE companies' business structures. Within the industry, many companies rely on government projects for survival, with relatively single business types and client types, which is not conducive to enterprise development. When the market changes, companies need to make timely adjustments, otherwise they will be engulfed by market waves. Of course, the reduction of some government-led exhibition projects will also open up some market space, allowing market-oriented forces to enter, which will bring certain benefits to commercial exhibition organizers. Guangdong and Zhejiang's approach of "using a good knife on the cutting edge" is worth learning from for other provinces and cities. However, everything needs to have a "degree." "Significant reduction" is not a "one-size-fits-all" approach, but rather a major cleanup among uneven government exhibitions, strictly controlling quality, eliminating low-end and inferior exhibitions, and retaining truly high-quality, valuable government-led exhibitions. However, based on past experience, such cleanup campaigns often encounter a "one-size-fits-all" situation during specific implementation. Especially, some departments have a certain "lazy governance" mindset, and in order to report to their superiors, they don't investigate and analyze specific situations but rather uniformly halt activities in a campaign-style manner. This will have an adverse impact on the market, and all regions need to guard against such situations. Perhaps, Guangdong and Zhejiang have deeply realized that it is not reasonable for government agencies to act as both referees and players; they should return the MICE market to professional MICE organizations, allowing them to compete independently and develop in a healthy and orderly manner; government agencies only need to be good teachers and administrators, leaving the rest to the market. Overall, in recent years, government-led exhibitions in China have shown a gradual increasing trend. It is hoped that Zhejiang and Guangdong can lead a new trend of streamlining government exhibitions, and at the same time, government exhibitions can embark on a path of high-quality development after the reduction.

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03-21

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[Highlights] Did you pay attention to the "voice of the MICE industry" from this year's "Two Sessions"?

Recently, the Second Session of the 14th National People's Congress (NPC) and the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) were held in Beijing, marking the official start of China's "Two Sessions." What voices related to the exhibition industry were raised at this year's sessions? Let's take a look. Premier Li Qiang mentioned in the government work report at the Second Session of the 14th NPC: to successfully hold major exhibitions such as the China International Import Expo (CIIE), the Canton Fair, the China International Fair for Trade in Services (CIFTIS), and the China Digital Trade Fair. Wang Chunfa, a NPC deputy and director of the National Museum of China, said in a media interview during the Two Sessions that holding successful exhibitions, providing excellent services, and telling good stories will keep the "museum fever" going. He also mentioned strengthening cooperation between museums and schools, encouraging primary and secondary schools to move their classrooms into museums. Huang Zhihao, a NPC deputy, vice secretary of the Zhuhai Municipal Committee of the Communist Party of China, and mayor of Zhuhai, suggested focusing on "expanding the platform functions of the China International Aviation & Aerospace Exhibition," further developing it into a major platform for "international exchange and global cooperation," "military-civilian integration and high-end manufacturing," "Hong Kong and Macao's integration into the national development," and "science popularization education and patriotic education," to leverage the advantages of the air show and demonstrate Zhuhai's responsibility in accelerating the construction of a strong aerospace nation. Chen Da, a NPC deputy and manager of the Smart Energy Exhibition Department of Shanghai Industrial and Commercial Exhibition Co., Ltd., under the Eastbest Group, suggested drawing on the experience of the CIIE to promote green construction and help the exhibition industry implement the national "dual carbon" strategy. Zhang Ronghua, a NPC deputy and chairman of the board of directors of Tianjin Rongcheng Group, submitted a proposal to the congress on "Suggestions on the Development of the Exhibition Industry with the Help of the Digital Economy." The proposal suggests establishing a "quadruple platform" for the exhibition industry to coordinate resources in the Beijing-Tianjin-Hebei exhibition industry chain and achieve coordinated development. Meng Aijun, a CPPCC member and deputy director of the Guizhou Provincial Museum of History, submitted a proposal on "Supporting Guizhou Province in Building a "Characteristic Exhibition Province." He believes that Guizhou has the advantages to build a "characteristic exhibition province," not only because of its pleasant climate, convenient transportation, diverse characteristic advantageous industries, and abundant resources, but also because of its colorful regional culture. Guizhou Province can create characteristic cultural exhibition brands based on its own cultural characteristics. He also mentioned the "Village BA" and "Village Super League," which have become extremely popular, as successful examples of "competition + ethnic culture." Xu Shilong, a CPPCC member and chairman of Shanghai Port Bay, suggested supporting private enterprises to go global, focusing on supporting private enterprises with key core technologies to become leaders and play a leading role. Comprehensively sorting out private enterprises with key core technologies in various fields of the Belt and Road Initiative, selecting leading enterprises for key support, further strengthening research and development investment, strengthening technological advantages, and encouraging and promoting leading private enterprises to accelerate their "going global" pace through optimizing overseas investment approval, increasing credit support, and other means, thereby driving upstream and downstream enterprises in the industry chain to go global together.

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03-14

[Highlights] Did you pay attention to the "voice of the MICE industry" from this year's "Two Sessions"?

Circulation Association: January passenger car retail sales estimated at 2.2 million units; fierce competition may continue in 2024.

The China Automobile Dealers Association (CADA) estimates that the retail sales of passenger vehicles in China in January will be approximately 2.2 million units. The launch of new local government subsidies and year-end discounts by some automakers to achieve a strong start in 2024 will boost January's sales. In terms of used cars, from January 1st to 21st, the transaction volume reached 1.2 million units, a 1.2% increase year-on-year. The retention rate of used cars of all levels fell month-on-month in January. CADA indicates that the trend of faster price reductions in used cars has been accepted by most dealers, and the previous model of high-price reluctance to sell is no longer feasible. Dealers need to accelerate the turnover rate. CADA predicts that the retail sales of passenger vehicles in January will be around 2.2 million units. Although the year-on-year growth is significant due to a low base in the same period last year, it shows a month-on-month decline. Automakers are keen on a strong start, and the intense competition in 2024 is expected to continue. CADA notes that the car market's heat in January cooled significantly compared to the end of 2023, nearing the Spring Festival. The expiration of last year's consumption stimulus policies and the yet-to-be-fully-implemented new round of subsidy policies have led to increased consumer wait-and-see attitudes. Therefore, January's auto sales fell short of expectations, increasing the sales pressure on dealers, who are clearing inventory to prepare for the Spring Festival with low replenishment intentions. Data shows that China's auto dealer inventory warning index in January was 59.9%, down 1.9% year-on-year and up 6.8% month-on-month. CADA indicates that the January inventory warning index is above the prosperity line, and the auto circulation industry is in a downturn, with the business climate declining compared to the previous month. Source: China Automobile Dealers Association However, the Spring Festival travel rush and pre-festival car purchase demand support car market sales. Meanwhile, the launch of new local government subsidies and year-end discounts by some automakers to achieve a strong start in 2024 will boost January's sales. Entering February, affected by the Spring Festival and reduced working days, CADA expects a significant decline in dealer traffic and sales, with the car market entering the traditional off-season. At the same time, the intense competition in the auto industry is expected to continue in 2024. CADA advises dealer groups to be cautious in brand switching investments, adjust inventory structures, strengthen financial control, and ensure cash flow safety. Faster Used Car Circulation, Reduced Inventory Cycle Regarding used cars, CADA's latest data shows that from January 1st to 21st, 2024, used car transactions reached 1.2 million units, a 1.2% increase year-on-year. Source: China Automobile Dealers Association In December 2023, the national used car market transaction volume was 1.661 million units, up 0.6% month-on-month and 17.3% year-on-year, with a transaction value of 108.78 billion yuan. Among them, new energy used car transactions reached 87,300 units, up 1.2% month-on-month and 115% year-on-year. In 2023, the cumulative transaction volume of used cars reached 18.413 million units, up 14.9% year-on-year, with a cumulative transaction value of 1179.53 billion yuan. Among them, new energy used cars totaled 763,000 units, up 42% year-on-year. By vehicle type, among used passenger vehicles, sedans had a cumulative transaction volume of 10.897 million units in 2023, up 14.4% year-on-year; SUVs, 2.378 million units, up 16.7%; MPVs, 1.141 million units, up 17.8%; and crossover passenger vehicles, 361,000 units, up 2.9%. Among used commercial vehicles, freight vehicles had a transaction volume of 1.497 million units, up 15.5% year-on-year; and passenger vehicles, 1.073 million units, up 3.1%. By vehicle age, the transaction volume of low-mileage vehicles increased in 2023. Vehicles aged 3-6 years had the highest transaction volume, accounting for 43.5%, up 3.3% year-on-year; vehicles aged less than 3 years accounted for 28%, down 2% year-on-year; vehicles aged 7-10 years accounted for 20.2%, up 0.6%; and vehicles over 10 years old accounted for 8.3%, down 1.9%. In terms of retention rate, the retention rate of all vehicle types fell month-on-month in January. CADA indicates that the trend of faster price reductions in used cars has been accepted by most dealers, and the previous model of high-price reluctance to sell is no longer feasible. Dealers need to accelerate the turnover rate. The price reduction of used cars in January has a certain "panic" factor. The "price war" before New Year's Day and the uncertainty of the post-Spring Festival market have prompted sellers to expedite transactions. CADA's research shows that the average inventory cycle of used car dealers in January was 58 days, three days less than in December 2023. It is worth mentioning that the retention rate of new energy vehicles in January reached a new level, with the three-year retention rate of plug-in hybrid vehicles reaching 55.2% and pure electric vehicles reaching 54.7%. CADA analyzes that used plug-in hybrid vehicles have a certain pure electric cruising range and good energy consumption level, and thanks to the construction of charging and swapping infrastructure in 2023, the practicality of used pure electric vehicles has improved. (China Economic Net reporter Chen Mengyu) Source: China Economic Net

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02-04

Circulation Association: January passenger car retail sales estimated at 2.2 million units; fierce competition may continue in 2024.
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