Korea banks on attracting Chinese tourists to bolster national consumption
Facing a domestic consumption tax hike the Korean government is banking on attracting Chinese consumption to boost national consumption.
Facing a domestic consumption tax hike that will likely dampen domestic consumption from early next year, the Korean government is banking on attracting Chinese consumption for a boost.
Korean government to launch Kpop visa for diehard Chinese fans
Korea’s Yonhap News Agency reports that the visa fee exemption for Chinese tour groups will be extended till the end of 2016.The exemption of the visa fee, at RMB97 per person, was introduced last July after the MERS crisis to kick start tourism, and has been extended twice till the end of 2015.
Korea will also expand the eligibility and extend the validity periods for multiple-entry visas for Chinese visitors. Multiple-entry visa for five years currently available to Chinese age under 17 and above 60 and those studying or graduated in Korean universities will be made available also to people aged above 55 from 2016. The visa validity will be extended to 10 years and the maximum length of stay for each visit will also be extended from 30 days to 90 days.
Korea will also launch a “KPop Industry-related Visa” for Chinese in the end of 2016. This new visa will combine travel with KPop, beauty care, leisure and cultural experiences. The requirements for applicants on income, age, education and occupation will be relaxed. Chinese holders of this visa can enjoy tax exemptions at Korean duty-free stores for duty-free purchases of no more than one million won, or no more than 200,000 won per single item.
The Korean government will also set up a direct currency exchange market for the Korean won and Chinese yuan in June 2016 and officially add internet banking to accelerate financial reform and enhance the use of Korean won in overseas.(Translation by David)