A Hurun rich list survey under China´s rich millenniums, The Chinese Luxury Traveler 2016, shows that Asia is loosing out as travel destination. Japan and South-Korea still do well since they are close, says Hurun chief researcher Rupert Hoogewerf at TTG-Asia, “But in terms of aspirations, this generation wants to go farther.”
Hong Kong is loosing its attraction for Chinese tourists. Where are they now going to, wonders WSJ wealth editor Wei Gu in a discussion with Francis Belin from Swarovski. Both Tokyo and Seoul are doing better, but since 96% of the mainland Chinese still do not have a passport, there is room enough for growth, also in Hong Kong.
Lower barriers to capital accounts, make it easier to trade in China´s currency, the Renminbi. Offshore trading centers expand, at the country builds up it financial leverage. Financial analyst Sara Hsu has a look at the expanding RMB clearance banks in the Diplomat. After Hong Kong, London, Frankfurt and Seoul, Paris and Luxembourg followed.
North-Korea is raising its stakes at the Korean peninsula, putting pressure on its supposed ally China. But China’s dilemma in dealing with its unruly neighbor might offer also opportunities, writes China expert Michael Lee Justin in ChinaUSFocus. It might be a unique chance for China and the US do draw closer.
China is mourning the death of two young girls, who died in the San Francisco plane crash. WSJ editor Wei Gu reconstructs, together with her colleague James Areddy, the lives of 16 years old Ye Mengyuan and Wang Linjia. Earlier Wei Gu talked about the trend of Chinese kids going to elite schools abroad.
Getty Images via @daylife Military tensions between China and the US are rising again as US aircraft carrier George Washington will join exercises with South-Korea in the Yellow Sea, writes Wendell Minnick in Defense News. The exact date the aircraft carrier would enter the Yellow Sea was not released. The George Washington