Forum focuses on rebirth of culture and tourism industries

Hu Min
A forum on the revitalization of China's culture and tourism industries post the coronavirus has been held in the Pudong New Area.
Hu Min
Forum focuses on rebirth of culture and tourism industries
Ti Gong

Insiders share their insights into the revitalization of China's culture and tourism industry.

Forum focuses on rebirth of culture and tourism industries
Ti Gong

A number of agreements between the Shanghai branch of the Industrial and Commercial Bank of China, travel agencies, tourist attractions and science and technology solution providers were signed during the forum. 

A forum on the revitalization of China's culture and tourism was held in the Pudong New Area on Friday.

Participants called for enhanced efforts to aid the financing of cultural and tourism companies, particularly small and medium-sized ones, to fuel their recovery after the novel coronavirus epidemic.

The culture and tourism industry has been badly hit by the outbreak, and tourist attractions are among the worst affected, said Huo Jianjun, secretary general of the China Tourist Attractions Association.

"Although most have reopened, it still takes time for recovery," he told the forum hosted by the Shanghai branch of Industrial and Commercial Bank of China. 

Tourism ventures have become restricted by revenue models and development potential because of the pandemic leading to difficulties in financing.

"A financing mechanism catering to and supporting culture and tourism companies should be established," he said.

The epidemic has forced cultural and tourism enterprises to accelerate the upgrade of products to become accustomed to the change in the market,  said Yuan Hongdong, chief accountant of Huangshan Tourism Development Co, the operator of the famous Yellow Mountain.

Operators have noted tourists want packages focused on healthy lifestyles, resorts, parent-children accommodation and access to nature and countryside.

Safety and health are also priority.

Yuan called on authorities to improve the financing environment of tourist attractions with the establishment of a complete tourist attraction credit guarantee system and multi-layer capital market system to help them through this period.

A number of agreements between the Shanghai branch of Industrial and Commercial Bank of China, travel agencies, tourist attractions and science and technology solution providers were inked during the forum.

This aims to build a financing and investment platform to tackle the financing woes of culture and tourism companies and expand the financing channel of tourist attractions to support the healthy development of domestic culture and tourism companies.

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