UNWTO Adopts Saudi, Spanish Proposal to Support Global Tourism

Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat
Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat
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UNWTO Adopts Saudi, Spanish Proposal to Support Global Tourism

Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat
Saudi Tourism Minister Ahmed Al-Khateeb, Asharq Al-Awsat

The UN World Tourism Organization (UNWTO) adopted on Friday a joint proposal by Saudi Arabia and Spain to form a UN task force to “redesign tourism for the future,” especially in developing countries.

The task force, co-chaired by Spain and Saudi Arabia, will include representatives of the member states of the UNWTO from all regions of the world.

“During the past few months, I met with more than 100 tourism ministers, where we agreed on the vital role that tourism plays in the economy and the importance of the sector’s recovery to advance the economy to pre-pandemic levels,” said Saudi Tourism Minister Ahmed Al-Khateeb.

“Accelerating the recovery will require a level of international coordination and cooperation that has been absent for much of the past two years,” added Al-Khateeb.

“The UNWTO has a critical part to play, and this requires improvements to its working methods so that they become more effective and more transparent,” he noted.

“This new task force will spearhead these efforts and drive this agenda vigorously forward.”

Spanish Tourism Minister Reyes Maroto said: “We need to strengthen the agenda and workings of the UNWTO, to provide the right foundations for the future of tourism, to ensure real, meaningful, and measurable benefits for member states and for all those who depend on tourism for their livelihoods, as well as to facilitate closer working with the private sector.”

For his part, Najib Balala, Kenyan minister of tourism, said: “Tourism is a critical part of economies, especially in developing countries.

“The pandemic has demonstrated a severe gap in the ability of the UNWTO to support and facilitate international coordination and collaboration for the benefit of the sector globally. The agreement to establish a new task force is an important step forward.

“I look forward to working with this new group to accelerate the recovery and advance this important agenda,” added Balala.



China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.