New Anti-corruption $15,000 Withdrawal Cap Could Benefit Tourism Stakeholders

The Chinese government has instituted a new annual limit on the amount of money that can be withdrawn from personal Chinese bank accounts overseas, set at $15,000 (100,000 yuan). The move is an attempt to curb money laundering, terrorism financing, and tax evasion. In the past, anti-corruption policies have caused substantial damage to both the luxury industry and the Chinese outbound tourism industry by driving down spending. However, that doesn’t mean that this new regulation is bad for stakeholders, in fact, there are substantial, potential benefits, particularly in terms of helping stakeholders better assess the total spending of Chinese tourists and the relative health and growth of China as a source market

Read More – Jing Travel

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