Chinese tourists, investments boost Thai economy

The economy of Thailand has benefited greatly from a growing number of Chinese tourists as well as the going-out strategy by Chinese enterprises, economists have said here.

The tourism industry of Thailand has been boosted by affluent middle-class Chinese tourists in recent years, said Wichai Kinchong Choi, senior vice president of Thailand's Kasikorn Bank, one of the country's largest banks.

According to the Tourism Authority of Thailand, the country had 8 million Chinese tourist arrivals in 2015, accounting for 36 percent of total foreign arrivals and generating a revenue of over 10 billion U.S. dollars for the tourism industry.

"The sharp growth in the number of Chinese tourists to Thailand was thanks to their rising incomes and desire to travel around and learn more about foreign history and culture," said Professor Tang Zhimin, dean of international college at the Panyapiwat Institute of Management.

Tang noted that those Chinese tourists with middle- and high-incomes have created a potential market for the Thai economy due to their increasing demand for high-quality entertainment, groceries, travel and healthcare products, all of which are abundant in Thailand.

Meanwhile, because of Thailand's location within the China-proposed "Belt and Road" Initiative, the country has drawn large investment by Chinese enterprises.

The Thai-Chinese Rayong Industrial Zone, established in 2005 and home to over 60 Chinese companies, has drawn plenty of direct investment from Chinese high-tech conglomerates including Futong Group and Trina Solar.

Wei Guoqing, managing director of Futong Group, a telecommunication wire and cable producer, told Xinhua that investing in Thailand is a good start for his company's foreign expansion. "Thailand is in the middle of Southeast Asia, and we were also attracted by the zero-tariff agreement between China and Thailand."

The growing Chinese investment in Thailand has also contributed a lot to Thailand's job market. In the Rayong Industrial Park, for example, Chinese companies have created over 10,000 jobs for the local population.

Samrod, a Thai worker at Futong, said he chose to work for the company for its well-organized work environment and way of rewarding workers.

Xu Genluo, president of the Thai-Chinese Rayong Industrial Park, told Xinhua that the Park has achieved an annual output of one billion U.S. dollars.

"This industrial park has been known as Thailand's 'Industrial Chinatown,'" Xu said. Endi