CHINA MARKET UPDATEMichael Merner, Managing-Director, AsiaBrand USA

Building for the FutureUSA and China Welcoming Tomorrow’s Travelers

深化务实合作 共创美好未来

CHINA ECONOMIC UPDATE

Historic GDP Growth

ECONOMIC SLOWDOWN

● China’s annual GDP growth rate in 2015 was 6.9%

● Slowest growth in 25 years

● In line with market expectations as growing services and consumer consumption offset weaker manufacturing and exports

● January 2016 GDP growth came in at 6.8%, equal to the expectation for the full year

Recent GDP Growth

SOFT LANDING?

● Since January 2014, China’s GDP has been slowly decreasing, so far avoiding a hard landing of the economy as China’s economy moves from export and manufacturing driven to service-based

Relative Economic Size

• In 2010, China’s economy surpassed Japan’s to become the world’s second largest economy.

• In 2011, China’s economy equaled just 41% of the size of the U.S. economy – today China’s economy is 58% of the size of the U.S. economy

• 6% growth for China's $10 trillion economy represents a $600 billion increase each year –equal to the size of the economy of Saudi Arabia or Argentina being added each year

• Japan’s economy is now a distant third, equivalent to less than half the size of China’s economy

• On a purchasing power parity basis, China now has the world’s largest economy

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

200000

USA($Billion)

Japan($Billion)

China($Billion)

2011 20132012 2014 2015

China Consumer Spending

● China Consumer spending is soaring at 9-10% per year:

● 2011: 22% of GDP

● 2015: 37% of GDP

● 2025: 42% of GDP

● Consumer spending in China in 2015 reached $3.7 trillion and is expected to grow to $6.4 trillion by 2025

China’s Socioeconomic Transformation

● SOARING MIDDLE CLASS:

● 2010: 50 million

● 2015: 300 million (1/4 of China’s population)

● 2020: 600 million (1/2 of China’s population)

● RAPID URBANIZATION: still represents only 54% of China’s population versus the 80% average in developed economies

● EXPLODING SERVICE SECTOR: grew 8.3% in 2015 and now accounts for 50.5% of GDP

● CONTINUED RAPID GROWTH IN HOUSEHOLD SPENDING: up 9.2% in 2015 – China now has more billionaires than the U.S.

Booming middle class

Economic Issues to Watch

STOCK MARKET CRASH● Between June and December 2015, the Shanghai

Composite Index lost 31% of its value, more than the entire value of India’s exchange

● The slide continued after the New Year with a further loss of or 22% in January alone

● The index, however, still remains 30% above 2014 levels.

● The stock market plays a minimal role in China, accounting for less than 1/3 of GDP versus 100% of the GNP of many Western countries

● There are 90 million retail investors in China representing only 6.5% of the population invested in the stock market

● The impact of the stock market crash on outbound travel has been minimal.

Shanghai Composite, 2007-2016

Economic Issues to Watch

CURRENCY DEPRECIATION● PEGGED CURRENCY: the RMB is fundamentally

pegged/linked to the US Dollar, limiting its ability to fluctuate

● ACTUAL FLUCTUATION: since reaching a high in mid-2015, the RMB has depreciated by only 8% versus the U.S. dollar which is a minor adjustment in global terms

● HISTORIC RATE: today’s RMB/USD rate is fundamentally unchanged from 2011

● IMPACT ON OUTBOUND TRAVEL: the impact of the RMB/USD exchange rate on travel to the U.S. has been insignificant/non-existent in the minds of Chinese outbound travelers

● INDUSTRY PERCEPTION: the airlines and travel trade are watching closely – but more particularly for the Euro

USD-RMB, 2011-2016

Economic Issues to Watch

END OF ONE-CHILD POLICY

● Since October, it is now legal to have more than 1 child in China

● Many rural Chinese were already having more than 1 child -- if the 1st child was a girl, having a second child was allowed – and there was limited policing/enforcement compared with urban areas

● Since 2013, where both parents are single children, such couples were allowed to have more than 1 child but despite estimates than this would generate 2 million births, only 700,000 couples applied for exemptions under the program

● As a result, the end of China’s one-child policy is thought to have a limited impact on China’s population growth

1,051

813

147 106 78 68 52 48 40 28 17CHINA India Brazil Japan Mexico Germany France UK S. Korea Canada Australia

Size of Adult Population(MILLIONS)

China Economic Summary

2011 2012 2013 2014 2015

Population (m) 1,347 1,354 1,361 1,368 1,369

Nominal GDP (US$ bn) 7,298 8,447 9,250 10,607 10,407

Real GDP growth (%) 9.3% 7.7% 7.7% 7.4% 6.9%

GDP per head (US$ at PPP) 5,414 5,432 6,796 7,754 7,608

Growth in Household Spending 10.3% 9.4% 8.0% 10.8% 9.2%

FX Rate (RMB/USD) 6.45 6.31 6.19 6.21 6.58

CHINA OUTBOUND MARKET UPDATE

China Outbound Travel Market(MILLIONS)

2016

133

Preferred Leisure Activities of China's Middle & Upper Classes

1%2%

4%4%

8%8%8%9%

11%13%

15%23%

28%39%

56%

Cigar AppreciationGames

Yachting/SailingFoot Massage

FishingKaraoke

PhotographyWine Tasting

PetsittingSpa

DrivingFamily TimeTea Tasting

ReadingTRAVEL

China Outbound Travel Market Growth

* Estimate

83 Million — 6% of China’s population2012

97 Million — World’s #1 source market2013

115 Million – Double 2010 levels2014

120 Million — 9% of China’s population2015

250 Million — 14% annual growth 2020*

China Overseas Travel Destinations

The U.S. is the only long-haul destination among China’s

Top-10 destinations90% ASIA

3% AMERICAS

3% EUROPE

3% AFRICA

1% OCEANIA

China Outbound Travel Market Funnel

40% of 120 million outbound Chinese trips arejust day trips to Hong Kong and Macau

Of remaining 67 million overnight trips, 50% are again to Hong Kong

and Macau

Of the balance, 36 million trips are mid- and

long-haul

Just 12 milliontrips arelong-haul

Total Long-Haul Departures

Source: Tourism Economics

TODAY

CHINA

Expected Travel Spend for next U.S. Trip - 2015

5%

31%28%

13%

23%

Less than $2,499 $2,500-$4,999 $5,000-$7,499 $7,500-$9,999 $10,000+

Mean Median

$7,566 $6,334

Question: What is the total amount you expect your household to spend on each of the following elements of this holiday? Enter a whole number without the currency symbol. Airline tickets/Lodging/Additional trip-related expenses, such as dining, local transportation, souvenirs and local toursBase: China intercontinental travelers (N=975), China travelers who will likely visit the U.S. in their next intercontinental trip (N=513)Source: Brand USA Market Intelligence Study (Conversion CNY to USD=0.162)

Chinese Travel Spending Trends

SPEND PER TRIP

$7,500 spend per person per trip to the U.S. --makes Chinese the highest spending visitor group per person per trip to the U.S.

TRAVEL SPEND

China’s middle and upper classes spend 19% of their annual salaries on overseas travel —dramatically more than any other source country

LUXURY SPEND

75% of Chinese tourists purchase more than 3 luxury items per trip

GLOBAL FORCE

Chinese tourists make up 25% of global spending on luxury goods

Chinese Overseas Travel Expenditures

2012 2013 2014 2015 2016

China RANKS #1globally in over-seas tourism spending at $102 billion, soaring ten-fold since 2000 when China ranked #7 globally

Chinese spending soared by 24% to a record $129 billion, widening the gap with the U.S. and Germany (now the 2nd- and 3rd-ranked global spenders on tourism) by more than $42 billion

$164 BILLION, 27% increase, higher than the 2013 increase of 24%

Continued to soar an additional 23%

48% of Chinese outbound tourists indicate they plan to increase travel spend

China will overtake the U.S. as the #1 BUSINESS travel market in the world, generating 20% of global business travel spend

Link between Business & Leisure Travel

63%

51%

Percentage of Chinese business trips with a leisure extension

2015

2014

CHINESE TRAVEL TO THE U.S.

Inverted Travel Pyramid to the U.S.

1.3 BILLION POPULATIONJust 12% have the financial capacity for long-haul

Just 5% have a Passport

of the total population, fewer than 9% are Traveling Outbound

of those Traveling Outbound,only 10% are

traveling long-haul

of which 18% to the U.S

Under 0.15% of China’s population traveled to the U.S. in 2015

% of Chinese Travelers Aspiring to Travel to the U.S.

Source: Brand USA Global Intelligence Program and PhoCusWright, Inc.

Percentage of intercontinental travelers* who include U.S. on their destination wish list

21% 21%

30% 31% 34% 37%41% 42% 45%

50% 52%60%

Mexico Russia Japan Canada France India Germany Australia UK Brazil Korea CHINA

Likelihood to Visit – Next 6 Months(2015 Research)

Question: When, if ever, are you likely to visit the following countries? Base: China intercontinental travelers (2014 N=1,002, 2015 N=975)Source: Brand USA Market Intelligence Study

27%

18%

16%

15%

14%

11%

10%

10%

10%

United States

Australia

France

New Zealand

United Kingdom

Brazil

Italy

Switzerland

Canada

Chinese Visitors to the U.S.

Under 200,000

1.4 Million

1.8 Million (+23%) #5 overseas market

2.2 Million (+22%) #4 overseas market

3.4 Million (+15%) #3 overseas market

4.2 Million #2 overseas market

6.3 Million #1 overseas market

2003

2012

2013

2014

2017*

2018*

2021** EstimateSources: National Travel and Tourism Office

2.5 Million (+17%)

3.0 Million (+16%)

2015*

2016*

KEY MESSAGE• China has soared up the

rankings to #4 in terms of overseas visitor number and spending in the U.S. and is projected to rise to become our top overseas source market within 6 years

• By 2021, Chinese arrivals will exceed Germany, France & Australia combined

China-US Airlift Seat Capacity SoaringUS carriersChina carriers

Note: Data excludes Hawaii; non-stop flights only

• Direct non-stop lift between China and the U.S. has more than quadrupled in the last decade

• Just under 3.6 million non-stop seats now available direct China to the U.S.

New China-U.S. Flights since May 2015

Launch Timing Routes Operating AirlineMay 2015 Beijing – Dallas American AirlinesJune 2015 Shanghai – Seattle Hainan AirlinesJune 2015 Shanghai – Boston Hainan AirlinesJune 2015 Beijing – San Jose Hainan AirlinesJune 2015 Nanjing – Los Angeles China Eastern

January 2016 Changsha – Los Angeles Hainan AirlinesFebruary 2016 Shenzhen – Beijing- Los Angeles Air China

March 2016 Shanghai – San Jose* Air ChinaMarch-October 2016 Xiamen - San Francisco United Airlines

April 2016 Beijing - Boston Hainan AirlinesMay-September 2016 Xian – San Francisco United Airlines

June 2016 Xiamen - Shenzhen – Seattle* Xiamen AirlinesJune 2016 Chengdu - Jinan - Los Angeles Sichuan Airlines

June-September 2016 Chengdu - San Francisco United AirlinesJanuary 2017 Fuzhou – New York Xiamen Airlines

TBC Chengdu - Las Vegas* Hainan Airlines*: pending approval

China Airlift to the U.S.

14 U.S. Non-stop Gateways to China● Los Angeles● San Francisco● New York ● Honolulu● Seattle ● Washington D.C.● Boston

● Chicago ● Houston● Dallas ● Detroit ● San Jose● Saipan● Guam

China Airlift to the U.S.

14 China Non-stop Gateways to the U.SCurrent● Beijing● Shanghai● Guangzhou● Chengdu● Wuhan● Nanjing● Changsha

New ● Xian ● Jinan● Xiamen● Fuzhou● Shenzhen● Hangzhou● Shenyang

China has 206 airports and is now building another 66 major new airports – a 32% increasein number of airports in China in just the coming 5 years

Issue to Watch — Open Skies Negotiations

82.2%(148 flights)

82%(128 flights)

Current Round-Trip

Flights Per Week

Maximum Permitted Round-Trip Flights

Per Week:

Capacity

180 160

● With a tripling of Chinese arrivals in the coming 5 years, a tripling in airlift is needed between China and the U.S.

● Already brushing up against the Open Skies ceiling at current traffic levels —How to handle a tripling in traffic by 2021?

● Continued growth in arrivals is impossible without Open Skies

PSYCHOLOGY OF CHINESE TRAVELERS TO THE U.S.

Chinese Traveler Profile

Source: Qyer.com

87% of Chinese outbound travelers are under 40

Younger Demographic

67% with a Bachelor’s degree and 13% with a Master’s — 80% are highly educated

WellEducated

41% acquire destination information from mobile phone versus 29% in 2013

Exploding Mobile Access

Rapid Shifts in Chinese Style of Travel

● Rapid increase in repeat travelers to the U.S. (45%)

● Rapid rise in FIT travelers to the U.S. (40%)

● Growth of themed tours and in-depth tours focusing on one or two states — currently 40% visit just one state

● Rapidly growing Fly & Drive

● Rapid growth in beyond-the-gateway travel in the U.S.

● More frequent but shorter trips to the U.S. becoming more common

● More Chinese tourists from secondary markets of China

● More investment in China tourism promotions by airlines, destinations, new partners, and BRAND USA

● Increase in Corporate/MICE groups given increased visa confidence

Question: What motivates your desire to visit the U.S.? Select all that apply. Base: China intercontinental travelers (N=975), China travelers who will likely visit the U.S. in their next intercontinental trip (N=513)Source: Brand USA Market Intelligence Study

Motivation for Selecting the U.S.

69%65%64%

61%60%60%

46%42%

23%18%18%

12%9%

7%0%

Ecotourism and natureUrban attractions (nightlife, city tours)

Cultural/historical attractions…Shopping

Beaches/seaside attractionsDining/gastronomy

Theme parksLocal lifestyle

Sport and adventure activitiesCruise/boating options

Special events/concerts/sporting…Educational aspects…

Visiting friends/relativesReligious/spiritual reasons

Other (please specify)

U.S. Destination Selection Factors

0%

0%

0%

0%

0%

2%

2%

3%

5%

9%

1%

0%

1%

2%

3%

5%

6%

10%

10%

9%

10%

9%

11%

13%

16%

24%

25%

28%

29%

28%

89%

89%

88%

84%

81%

69%

67%

58%

57%

54%

1 (not at all important) 2 3 (moderately important) 4 (important & very important)

Satisfying a sense of adventure

Increasing my knowledge/understanding of other cultures

Keeping fit/engaging in physically active recreation

Pursuing personal hobbies/passions (sport, music, cooking)

Seeing the world’s most unique attractions

Resting and relaxation

Staying within my comfort zone

Connecting with nature

Engaging my children in activities that are specialized for them

Indulging in upscale/luxury experiences

U.S. Destination Selection Features

%

%

%

%

%

%

%

2%

1%

1%

1%

2%

2%

3%

3%

8%

9%

11%

14%

15%

17%

17%

16%

26%

90%

89%

84%

82%

81%

80%

81%

64%

1 (not at all important) 2 3 (moderately important) 4 (important & very important)

Natural features/landscapes (mountains, lakes)

Appeal of local culture (food, music, etc.)

Landmarks and sightseeing options (historical sites, museums)

Reputation/popularity as a travel destination

Leisure attractions (dining, shopping, nightlife)

Ease of travel to the destination (length of flight, # of stops)

Quality of beaches

Activity options (mountain climbing, diving)

U.S. Destination Satisfaction

The U.S. now tops China’s destination satisfaction rankings —selected “most satisfying” foreign destination by Chinese tourists in 2015

Source: China Tourism Academy

Net Promoter: United States

57%

27%

15%

2%

0%

50%

27%

18%

4%

1%

I would bring it up to recommendas a destination

I would tell people positive thingsabout it if it were brought up

I would tell people neither positivenor negative things if it were

brought up

I would tell people negative thingsabout it if it were brought up

I would bring it up to discouragepeople from travelling the there

20142015

Question: If a friend or relative were discussing a future holiday destination with you, which statement would best describe your attitude toward the following countries? Base: China intercontinental travelers (2014 N=1,002, 2015 N=975)Source: Brand USA Market Intelligence Study

Destination Selection Turn-Offs

% of Chinese respondents indicating that the factor is "Important" or "Very Important"

6%

6%

7%

5%

8%

6%

12%

28%

10%

11%

15%

14%

18%

19%

25%

30%

13%

28%

26%

30%

30%

34%

33%

22%

71%

56%

51%

51%

44%

40%

31%

20%

1 (not discouraging) 2 3 (moderately discouraging) 4 (discouraging & very discouraging)

Safety concerns/political instability

Crowdedness

Lack of visitor resources/support in the destination

High prices

Visa requirements/entry procedures

Inconvenience of travel to the destination (no direct flights)

Unfamiliarity with local customs/language

Distance from home

U.S. Destination Options in Mind

17%

68%

15%

19%

72%

14%

I have the specific place in mindand will not research destination

options

I had/will have a few places inmind when I start(ed) researching

destination options

I was/will be very flexible about thedestination when researching

options 2014 2015

Question: Which of the following statements best describes the circumstances of this holiday? Select one. Base: China intercontinental travelers (2014 N=1,002, 2015 N=975), China travelers who will likely visit the U.S. in their next intercontinental trip (2014 N=539, 2015 N=513)Source: Brand USA Market Intelligence Study

U.S. Destination Selection Channels - 2015

65%59%

42%40%

37%32%

29%25%

24%24%

23%19%19%

11%

Websites via computer or laptopPersonal recommendations from…

Websites or applications via mobile phonePersonal advice from travel…

Websites or applications via tabletInformation in printed travel guidebooks

Programmes on TV/radioPrinted publications, articles or brochures

TV/radio advertisingOnline advertising/email

Calls to airlinesCalls/visits to city/state destination…

Calls to hotelsPrinted advertising

Question: What sources of information did/will you use to select the U.S. for this holiday? Select all that apply. Base: China intercontinental travelers (N=975), China travelers who will likely visit the U.S. in their next intercontinental trip (N=513)Source: Brand USA Market Intelligence Study

Online Channels Used for U.S. Destination Selection

75%

58%

54%

48%

44%

43%

42%

30%

20%

Online travel agency websites

General search engines

Travel guide websites

Traveller review websites

Social networking websites

Airline websites

Hotel brand websites

Destination websites

Magazine websites/newspaper websites

Question: What type(s) of websites did/will you use? Select all that apply. Base: China intercontinental travelers who used websites or applications in destination selection (N=785), China travelers who will likely visit the U.S. in their next intercontinental trip (N=416)Source: Brand USA Market Intelligence Study

Question: How did/will you book the travel products for this holiday? Base: China intercontinental travelers who booked /will likely each travel component (N=104~687)Source: Brand USA Market Intelligence Study

59%

22%

11%

6%

1%

60%

20%

11%

8%

0%

37%

11%

18%

23%

4%

49%

14%

13%

19%

1%

56%

17%

13%

10%

1%

44%

14%

15%

20%

0%

32%

15%

22%

21%

3%

39%

10%

15%

17%

1%

46%

8%

15%

13%

1%

Use an online travelagency website

Call travel providersdirectly

Use a travel providerwebsite

Call/visit a travel agent

At the airport/property

Air

Lodging

Car Rental

Pre-package or guided tourpackageCustom package

Holiday home rental

Cruise

Rail

Destination activities

Booking Methods

Reasons for Using a Particular Booking Method to the U.S.

Question: Why did/will you book travel to the U.S. this way? Select all that apply. Base: China intercontinental travelers (N=975), China travelers who will likely visit the U.S. in their next intercontinental trip (N=513)Source: Brand USA Market Intelligence Study

51%

49%

45%

37%

36%

34%

31%

30%

29%

26%

I get better prices

It is more convenient

I trust these companies

I have had good experiences with these…

I get better customer service

I have more options to choose from

I receive good advice/recommendations

I would receive better support if something…

I always book this way

It was recommended by friends/family

Destination

CHINA ONLINE & SOCIAL MEDIA LANDSCAPE

Internet Browsing Frequency

0%

0%

1%

0%

3%

9%

87%

%

1%

1%

1%

3%

7%

88%

Less often than once amonth

Once a month

Several times a month

Once a week

Several times a week

Once a day

Several times a day

20142015

Question: How often do you typically browse the Internet? Base: China intercontinental travelers (2014 N=1,002, 2015 N=975)Source: Brand USA Market Intelligence Study

China Online and Social Media Landscape

ONLINE LIFESTYLE● 688 million internet users as of December 2015● 594 million used smart phones to access the Internet● Wechat: 570 million active users, surpassed Weibo for

the 1st time in 2015● Weibo: number of users down 7.1% year-on-year● 61% ask for opinions online before a purchase/

destination selection● 73% go online to give their opinion on a purchase they

made ● 53% of Chinese will post negative experiences versus

29% in the U.S.

Social Network Participation by Chinese Travelers to the U.S. -- 2015

Question: In which online social networks do you actively participate?Base: China intercontinental travelers (N=975)Source: Brand USA Market Intelligence Study

91%

73%

68%

43%

19%

19%

Wechat

Sina Weibo

Qzone

TencentWeibo

Pengyou

Kaixin

ONLINE SPENDING IS EXPLODING

● 2015 online spending reached $672 billion more than double 2013’s online spedn of $307 billion

● Online spending is forecast to pass the $1 Trillion mark by 2019

● Online spending via mobile projected to grow at a 44.2% compound annual growth rate

● Alibaba, the leading e-commerce conglomerate, saw online sales on its 2015 Singles Day (Nov. 11TH) exceed $14 billion in just 24 hours, up 60% over 2014

● Alibaba now has 407 million active shoppers, up from 334 million in 2014 who spent $149 billion online, up 23% over 2014 v. just 11% growth for traditional retail sales

Online spending ($ billion)

China Online and Social Media Landscape

2013 2015 2019

1,000

900

800

700

600

500

400

300

200

100

0

China Market Recap: Alignment of Key Factors● Market Size: Massive market size of 1.3 billion● Market Growth: China's population has grown by the entire population of Australia in 5 years● Economic Growth: Second largest economy in the world after the U.S. with willingness to

spend on travel soaring● Disposable Incomes: Chinese incomes growing at 10% per year● FX Rate: RMB pegged to the U.S. dollar ● Chinese Desire to Travel: Travel is the most desired leisure pursuit for 56% of middle and

upper-class Chinese ● Willingness to Spend: Chinese are the No. 1 spending international visitors to the U.S. with

19% of disposable incomes spent on travel on average● China Outbound Travel Growth: 120M outbound in 2015 -- world’s # 1 outbound market● Potential: less than 9% of China's population is traveling overseas – versus 25% for Korea● Growth: Number of Chinese outbound travelers is projected to more than double

in the next 5 years to 250 million

Key Factors Driving Chinese Arrivals to the U.S.● Miniscule U.S. Market Share: .15% of China’s population and 2% of Chinese travelers to U.S.● US Destination Satisfaction: the U.S. tops list of most satisfying destinations for Chinese ● Positioning: the U.S. has the highest intent to visit of any long-haul destination● Streamlined US Visa Interview Process: Under 5 days with 10-year visa now available● Growth in Airlift: 35% increase in lift from China to the U.S. in 2015 now with XX China gateways● Booming Online and Social Media Channels: 688M online netizens with 594 million via mobile● Exploding Secondary Markets: Over 100 cities with populations of over 1 million ● Booming FIT: with massive growth potential beyond the traditional U.S. gateways● Rapid Growth of MICE Market: Perfect China (7,000 pax) Amway (9,000 pax)● Huge Growth in Niche Travel: Golf, ski, study abroad, real estate, medical tourism etc.● Spend: Per visitor per day already leads all overseas markets● Arrivals: #1 overseas market for the U.S. within 5 years● U.S. China Year of Tourism 2016: unique opportunity to activate all travel agents nationwide

Brand USA in China

2015 Brand USA China Pillars

● Four teams in Beijing (North), Shanghai (East), Guangzhou (South), Chengdu (West)

● Extend Brand USA marketing programs into Secondary Markets throughout China

● Educate Travel Trade Nationwide and secure development of new U.S. tour product beyond the traditional U.S. gateways

● Secure launch of new airlift/new gateways/new airline partners

● Co-op with Chinese travel trade & airline partners to secure increased investment in U.S. travel promotions

● Promote U.S. China Tourism Year nationwide

● Target both Leisure & MICE markets● Rapidly boost earned media

coverage/visibility nationwide ● Extend brand advertising campaign ● Leverage booming Online & Social

Media channels ● Generate China Co-op investment

opportunities for partners● Offer new China Market-Entry

Platform for U.S. Partners

Brand USA China Team

MICHAEL D. MERNERManaging-Director,

Asia

YOICHI HAYASEAsia Strategy

Director

TINA YAOShanghai

Office Director

SPRING ZHENGTravel Trade

Marketing Director

ANITA JIAPublic Relations& Co-op Director

CHARLIE LIChina Director

BENNY SUNTravel Trade

Marketing Manager

SUNDAY WANGPublic Relations

& Co-op Manager

VINCENT TANGTravel Trade Marketing

ManagerChengdu Office

PHOEBE WANGPublic Relations

& Co-op Manager

ISAAC WANGGuangzhou

Office Director

JEROME LEROUXCommunications Director,

Asia

Xie Xie! Thank You!