Growth growth has been slower in 2024, and the Consumer Confidence has been affected so that average spending per trip has been decreased compared to 2023. So we are also seeing a lot of bookings for high speed trains, so so many travellers opt for cheaper Regional Travel rather than flying. But actually we have seen the overall type of trips that people are booking a more diversified, so this isjust one part of the picture. Were seeing growing interest in high End Premium Travel inside and outside of china, a big rise in nature and coated travel, such as sichuan, hunan, tibet and the maldives, so more people are wanting to connect with nature and explore culture. Does that mean some of the Stimulus Measures we are seeing is impacting or having an impact on people who are willing to spend more . The Stimulus Measures may help in the short term, but actually we are seeing long Term Recovery for the Tourism Sector will depend on the broader economic factors. Especially the recovery of Consumer Spending Power and employment levels. Financial stability is still essential for sustainable recovery in tourism. We we we want to also talk about the key theme of 2024, first, and we have seen Domestic Travel is the big shift and international, China International Tourism remain subdued at around 20 down the quarter compared to the same period Pre Pandemic levels. And a big decreases in china us capacity. And the stronger toward singapore and malaysia, so people are still doing international travel, but they tend to stay in the asia pacific region. Joanna lu there. But while Consumer Spending may be muted, the golden week has boosted home sales, according to chinese state media. Cctv reported that the number of Home Viewings increased significantly over the holiday. The sales of homes also rose across the country. It comes after a string of Stimulus Measures were announced to prop up the sector, including lowering down payments for first time home buyers. Staying with china but turning to the Auto Industry the European Union recently agreed to impose new tariffs on electric vehicles made in china. But it wasnt a unanimous vote. Many abstained and german opposed the measure. The boss of german Carmaker Volkswagen says the European Union should exempt some companies from its tariffs. Asia editor Hans Griemel At Automative News explained why its complicated. 0stensibly the tariff should buy them some Breathing Room and level the Playing Field in the meantime to penalise the chinese Ev Makers getting subsidies and who are able to sell them for a lower cost in the eu than European Makers themselves can make. The problem is that might give them some Breathing Room to bring down their own costs and raise their own competitiveness in the eu, but the problem is the question is whether the chinese will give some kind of a Backlash Or Retaliation against the eu makers, especially in china. And that will hurt german automakers the most because they lean heavily on the chinese market for their Auto Industry. Interesting. Yes, we saw germany go it alone is a bit of a Lone Wolf in terms of its opposition. Do you think this is an appeasement so that they might not suffer the consequences you mention . They dont want to anger china and face their retaliation against their own automakers there which are, by the way, suffering in china as well. Theyve invested heavily into china but they are also suffering from Chinas Slowdown and the turnaway from foreign makers in china by chinese consumers. So they face a double edged sword here and it is a damned if you do, damned if you dont situation for the germans. So thats the equation that they are looking at. It isnt a good place to be. The only one of the saving graces, however, here, is that the tariffs arent a done deal. There is still room for negotiation. And they are hoping, as you pointed out with the vw ceos comments, earlier, that a negotiation could ease the restrictions going forward. Will this slow down the eventual Development And Rollout of electric vehicles generally . That is the other side of the coin because if you put on these tariffs on imports it could hurt consumers and it could hurt Ev Adoption in europe, which is already slowing. Europe has very strict Ev Goals in terms of reducing Carbon Output and they are already off target to reach those goals and if you make evs even more expensive it will hopefully and make it harderfor people to adopt them there. Hans griemel there. Youre a man who loves data. What are you your eyes on . fix, what are you your eyes on . Raft of data that will be coming out through the course of the week. We are starting out with the Election Results from Gemma 0wen Kashmir and ariana, who went to the polls. It seems that there will be a lead for the opposition to the bjp. Jammu and kashmir. The consensus is that Interest Rates would be left unchanged, but there is a new composition to the monetary Policy Committee that decides on these raids so they could be a Surprise Element over there. On thursday we have numbers coming in from indias largest exports major, tcs, which will kickstart the second quarter Earnings Season is in india and the muggers will be focused on that and then we will book in the week with Data On Industrial Production as well as manufacturing. Lots of domestic dues the markers to look up for. Although global cues are coming in from The Middle East last week, down sharply about 4 of the benchmark indices. The worst performance in the last two years. Of course, this week they will have to contend with global cues as well as what is happening domestically here in india. He happening domestically here in india. ,. , , india. No doubt you will bring as much of india. No doubt you will bring as much of this india. No doubt you will bring as much of this data india. No doubt you will bring as much of this data as india. No doubt you will bring as much of this data as the i as much of this data as the week goes on. Turning to The Middle East, today marks one year since the 7th of October Attacks by hamas on israel. Since then, developments in The Middle East have caused shockwaves around the world, including in oil markets. Their affairs and escalation could lead to a blockage in the strait of a major Shipping Route Strait of hormuz could Strait Of Hormuz a major shipping route. What is the impact of all this on the global economy . The bbc� s Michelle Fleury reports. The escalation comes at a time of uncertainty around the upcoming us election and as china tries to stabilise its struggling economy. There are concerns the war could push up inflation if Trade Routes are disrupted, causing the cost of Oil And Shipping to rise. A big concern is whether any escalation could block the Strait Of Hormuz, a major transit channel. Effective lng frozen gas passes through there. The Oil Marketmaking already reacting. Brent crude jumped 5 last wednesday after president biden said the us was discussing with israel striking irans oil industry. Iran is the seventh largest Oil Producer in the world. For now, Commodity Prices remain below where they were last year, but officials around the world paying close attention. The biggest economic impact is being felt within the region itself. In israel, the war has resulted in a drop in investment and growth, while in gaza the constant bombing since hamas attacked israel on october seven and has had a devastating impact on its economy. Gdp has fallen nearly 90 in the first half of this year, according to the international monetary fund. The imf has warned the war could have significant ramifications for the global economy and it plans to update its forecast for all countries later this month when the global lender and the World Bank hold their annual meetings in washington. Michelle fleury there. Here in singapore, at the weekend, it was a sad day for the Citys Horse Racing scene it held its final race on saturday. Here in singapore, it was a sad day for the Citys Horse Racing scene, which held its final race on saturday. Turf club will close after 180 years, as its land goes back to the government to use for new housing projects. While its closure came as a shock, spectators have dwindled over the years. Only 10,000 people showed up for the final race, the grand singapore gold cup, which is about a third of the venues capacity. Queen elizabeth attended events there about twice. She even had a Race Name to her honour. And thats it for this edition of business today. Thanks for watching. Hello and welcome to sportsday from the bbc sports centre. I am chetan pathak. Coming up in a programme, what next for erik ten hag . And Manchester United now win five after a goalless draw at aston villa. Red roses in bloom unstoppable England Score nine tries, beating the world champions, new zealand, for the third time in a row. And breathe Tyrrell Hatton survives a late scare to secure a record third Alfred Dunhill Links Champion title at st andrews. Welcome along. Thank you forjoining us
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