Executives survey the prospects for China's future prosperity

Oliver Hua, Managing Director for the Asia-Pacific region, Booking.com. [Photo provided China Daily]

A1: With the Chinese government changing the growth target from a specific rate to a range, we see a shift of priority from the sole pursuit of economic growth figures to a greater focus on the structural adjustment and upgrading of industries. This 6.5 to 7 percent GDP growth target still ranks China as one of the fastest-growing economic powers. As this transformation progresses, we're glad to see China's service sector rose to 50.5 percent of GDP last year, accounting for more than half for the first time. We're also thrilled to find that a significant proportion of this growth was contributed by the booming domestic travel industry. With a 7.4 percent rise in personal incomes, Chinese people are becoming more willing and capable of traveling. Booking.com has confidence in China's economy and will continue to invest and contribute to the development of China's tourism industry.

A2: China is aggressively seeking to draw on the power of innovation to boost its economic transformation. This is not an easy path, with both challenges and opportunities lying ahead. With the government advocating social innovation and introducing initiatives such as the Internet Plus strategy last year, the market is witnessing an increasing penetration of Internet innovation in all industries, which will continue to be a driving force of economic growth this year.

With the contribution of such a strategy, the market revenue of China's tourism industry has reached 4 trillion yuan with the Internet penetration rate exceeding 13 percent. Backed by big data and algorithm excellence, Booking.com constantly innovates to meet the increasingly social and mobilized Chinese consumer demand by providing personalized booking experiences with wider variety and higher quality. As an international OTA (online travel agency) platform, we are also bringing foreign tourists to China, enabling Chinese accommodation partners to reach "no off-season" business successes.

A3: In this year's government report, paid leave and annual leave implementation with strict supervision of the travel market was highlighted to standardize and promote the tourism industry. Booking.com views these policies as a great opportunity for China's travel industry to embrace the new normal of economic growth and develop into a strategic economic pillar for the country.

A4: Since entering the Chinese market in 2010, Booking.com has always regarded China as one of its most important foreign markets. The eased tax burden will allow companies to invest more into product and service optimization and innovation, which will benefit industry upgrading and economic transformation in the long run. For Booking.com, these government initiatives give us confidence to invest continuously in China and develop more customized and innovative products specifically for the Chinese market.