Tourism has become the new economic normal to expand domestic demand、Improving investment、An important driving force for stable growth。

Since the State Council issued the "Opinions on Accelerating the Development of Tourism" in 2009，my country’s tourism industry has ushered in great development opportunities under the influence of a series of policy and institutional dividends，The contribution of tourism to the economy and society is further highlighted。Preliminary calculation，my country’s total tourism revenue in 20175.40 trillion yuan，Increase 15.1%，The comprehensive contribution of tourism to GDP throughout the year reached 9.13 trillion yuan，11% of total GDP.04%，The proportion of the added value of the tertiary industry increased to 21.4%，The comprehensive contribution to social employment that year was 10.28%，Basically the same as the world average。Meanwhile，The increasing willingness of residents to travel and the rising enthusiasm for consumption have further consolidated the market foundation in the era of mass tourism，Tourism industry investment and tourism product innovation are more active。

According to statistics from the National Tourism Administration，In 2015, the actual investment in my country’s tourism industry exceeded 1 trillion，The investment scale reached 1 in 2016.3 trillion yuan，At the same time, according to relevant calculations，Investment in 2017 is expected to exceed 1.5 trillion yuan，15 year-on-year increase.4%，Creating a new miracle in which the investment growth rate has exceeded the growth rate of the tertiary industry and social fixed asset investment for many consecutive years。Tourism has become the new economic normal to expand domestic demand、Improving investment、An important driving force for stable growth。

Without a doubt，In travel projects、Tourism status、Tourism policies continue to emerge，The scale of tourism investment will continue to grow，Tourism investment space and fields will be further expanded，Tourism investment hot spots will also continue to open up the era of mass tourism，How to strengthen guidance on tourism investment and financing，Accelerate the investment and financing reform and grasp this strategic aspect、Basic and long-term work has become the key to better and faster development of the current and future tourism industry。

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1、The scale of tourism investment continues to increase，Investment growth is at a high level

According to statistics from the National Tourism Administration，In 2013, my country’s actual investment in tourism was 514.4 billion yuan，Year-on-year growth of 26.6%;By 2015, the actual investment scale will exceed 1 trillion yuan for the first time，reached 10,007.2 billion yuan，42% year-on-year increase，Achieved doubling in two years。From the perspective of horizontal comparison of investment growth rate，2016 with 1.The investment scale of 3 trillion yuan has achieved a year-on-year growth of 29% in tourism investment，Higher than the national annual fixed asset investment growth rate of 21.9 percentage points，Higher than the tertiary industry investment growth rate 18.1 percentage point，became an important force in driving investment growth that year。It is expected that my country’s tourism investment will exceed 1 in 2017.5 trillion yuan，15 year-on-year increase.4%，The growth rate continues to lead other industries。

2、Investment in emerging tourism formats is increasing rapidly，The growth rate of investment in traditional fields has declined

The tourism industry has the natural advantage of integrating development with other businesses or industries，In recent years，Driven by the digital economy of “Internet +”，Emerging tourism formats such as “tourism+” and “+tourism” have also developed rapidly，And become a market investment outlet。For example，Investment in rural tourism, especially in characteristic towns and folk customs, has grown rapidly，The actual investment in rural tourism in 2016 was 385.7 billion 188bet app yuan，The proportion of tourism investment is 15.7%，Increase by 1 compared with 2015.3 percentage points，47 year-on-year increase.6%(Table 1)。From the perspective of demand，Rural tourism investment is expected to continue to rebound in 2017，It is expected that the number of rural tourism tourists nationwide will reach 2.5 billion in 2017，The scale of tourism consumption exceeds 1.4 trillion yuan。Also，Cruise Yacht、Island Tourism、Experiential new business formats such as low-altitude flights have also become investment hot spots。However，Different from emerging industries that are welcoming investment opportunities，Investment in traditional fields has declined sharply，Investment in the accommodation and catering industry fell by 8% year-on-year in 2016.6%，The growth rate dropped significantly during the same period 13.7%。

3、Tourism financing channels have been actively expanded，PPP financing scale and industrial investment funds are growing rapidly

High-speed growth investment requires diversification of financing channels。The concept of all-for-one tourism is proposed while accelerating the construction of tourism infrastructure and public services，The application of PPP financing model has also been gradually expanded。According to statistical analysis of the National PPP Comprehensive Information Platform Project Database of the Ministry of Finance，As of May 31, 2017，The number of PPP projects in my country’s tourism industry has reached 781，Accounting for 6 of the total number of PPP projects in the database.2%，The amount involved reaches 928.3 billion yuan，Accounting for 6 of the total amount of items in the database.1%。Meanwhile，The tourism industry investment fund has grown rapidly with government support。According to statistics，As of the end of 2017，There are 144 tourism industry investment funds nationwide，Total scale exceeds 800 billion yuan。Among them，More funds are invested in rural tourism、Cultural Tourism、Ecotourism、Sports Tourism、Leisure vacation、Emerging tourism formats such as retirement tourism and tourist towns。

2. Problems faced by tourism investment and financing

1、The regional structure and product category structure of tourism investment are unbalanced

Although the scale of investment in the tourism industry has increased significantly in recent years，However, the investment structure still shows obvious imbalance，The proportion of investment in underdeveloped areas is still low。Related statistical data display，The eastern region is still a hot spot for tourism investment，The proportion of actual completed investment in the country in 2015 and 2016 was both 51%，The net investment scale in 2016 increased by approximately 150 billion yuan，28 year-on-year increase.7%。

From the perspective of investment entities，53% of private capital funds are invested in the economically developed eastern region，And mainly invests in large-scale comprehensive cultural tourism projects;76% of foreign investment funds entered the eastern provinces。Compared to the east, it is still hot，Although the central and western regions are driven by the development of regional tourism，Investment scale increased，But the proportion of investment scale is still low，Among them, the central region accounted for only 20% in 2016.3%，The proportion of the west is 28.8%，The structural problem of national tourism investment focusing on the eastern region has not been substantially improved。

From the investment field，Traditional accommodation and catering、The proportion of investment in basic elements such as infrastructure is still relatively large。Take investment in accommodation and catering industry as an example，Although investment has been downturn in recent years，But the investment scale in 2016 still reached 5947.3.9 billion yuan，Accounting for 45% of the national investment scale.8%，Significantly higher than eco-tourism、Rural Tourism、Low-altitude tourism、Industrial tourism, ski sports tourism and other emerging tourism formats。Even the emerging tourism industry that is favored by investment，The structural difference in the proportion of internal investment is still obvious，Among them, the investment scale of cultural tourism and ecological tourism both accounted for more than 20%，And medical health tourism、Sports Tourism、Marine tourism and low-altitude 188bet sports betting app download tourism account for less than 5% of total investment。

2、Policy-based investment guidance is strong，Strong reliance on government funds

Long time，my country’s tourism industry has developed with strong support from the government，In other words，The preferential investment policies issued by the government have played a vital guiding role in attracting different tourism investment entities to actively participate in local tourism investment。Although the market has played an increasingly significant role in guiding capital flows in recent years，But in the current reality of our country’s tax sharing system causing local government GDP championship competition，Local governments at all levels aim to stabilize growth、Rational considerations on structural adjustment and employment assistance，All will increase to varying degrees the support of preferential investment and financing policies for the tourism industry, a new source of growth with significant comprehensive benefits，In order to make it a local strategic pillar industry。

Related research points out，The tourism development investment method is guided by government policies，Government investment drives social funds、Foreign capital’s resource allocation decision-making methods and fund use methods。From another perspective，It is also necessary for the government to guide tourism investment，Generally speaking，The level of economic and social development in areas rich in tourism resources is relatively backward，If there is no government funds as an introduction，Market uncertainty will inhibit the investment enthusiasm of social investment entities，This means to a certain extent，The formation of the tourism investment and financing model mainly guided by the government is also closely related to the difficulty of financing in the tourism industry。This creates "policy guidance、The government-led” tourism development model has formed path dependence。Currently，Under the leadership of the government (in the form of increased financial support)，my country’s tourism industry development fund is growing rapidly，As of the end of 2016，The scale of the national tourism industry investment fund exceeds 600 billion yuan，The scale of the national tourism development fund used to support local project construction reached 8.800 million yuan，8% year-on-year growth。Meanwhile，As a cooperation model between the government and social capital, PPP projects are also inseparable from the financial support of the government，Underdeveloped areas are the most obvious。From various provinces (cities)、District) depends on the situation，The western region has a higher proportion of tourism PPP projects，Among them, Yunnan tourism PPP projects accounted for 9.36%，Guizhou is 8.3%。Viewed from this，Government policy guidance、Financial support still plays an important role in the current tourism development process，Obviously, over-reliance on government funds will also inhibit the expansion of other financing channels to a certain extent，It is not conducive to social capital’s independent choice of credit direction and investment scale based on tourism market information。

3、Difficulties in indirect financing of the tourism industry coexist with insufficient development of direct financing

Always，my country’s financing channels are mainly indirect financing，Under the requirement of indirect financing，Commercial banks and other financial institutions want to avoid moral hazard，Usually whether the debtor has a mortgage or pledged collateral becomes an important basis for credit，However, as a tourism resource development enterprise itself, it is not used for ownership of the objects to be developed，When the operating rights or usage rights cannot be pledged or mortgaged，You can only rely on your own funds for investment。According to my country’s fixed asset investment statistics in 2016，The composition of financing sources for my country’s accommodation and catering industry that year，The proportion of self-raised funds reached 87.85%，The proportion of domestic loans is only 6.6%，Financing scale is about 37.3 billion 188bet app yuan，The proportion of utilizing foreign capital is even lower，Less than 0.32%。Compared to indirect financing，The scale of funds raised through direct financing methods such as bonds is 1.0.6 billion yuan (Table 2)。From the perspective 188bet sports betting app download of direct financing，Corporate bonds of tourism companies in 2016、The scale of direct financing such as corporate bonds is only 35 billion yuan，Accounting for the whole society’s corporate debt、1 of the corporate bond financing amount.1%，Accounting for 2% of the total actual investment in the tourism industry that year.7%，It can be seen from this，Direct financing of tourism is not fully developed。Overall view，Whether it is indirect financing or direct financing，They are no longer able to meet the growing demand for investment funds in the current tourism industry，Supply-side structural reforms such as expanding diversified financing channels and accelerating financial product innovation will become an inevitable choice for financial institutions to actively participate in the development of the tourism industry in the era of mass tourism，Naturally, it is also the proper meaning for tourism entities to improve their business performance and promote the growth of direct financing scale。

Three, brigadetourism investment and financingPolicy suggestions for reform and innovation

1、Based on the series of guidance documents for tourism development，Actively explore innovative methods and methods of investment and financing supported by policies

Since the State Council issued the "Opinions on Accelerating the Development of Tourism" in 2009，At the policy level, our country has successively issued a number of comprehensive and professional guidance documents surrounding the development of tourism，Most of these documents involve to some extent financial support means to support the development of tourism，Some of the relevant policy guidelines are obviously breakthrough and innovative，It has played a positive role in guiding the reform of the tourism investment and financing system or the expansion of financing channels。For example, the State Council's "Several Opinions on Promoting the Reform and Development of the Tourism Industry" actively encourages tourism enterprises to carry out direct financing，And clearly stipulates the feasible financing scope and methods，The "Opinions" propose to "support qualified tourism companies to go public，Through corporate bonds、Corporate Bond、Small and medium-sized enterprise private placement bonds、Short-term financing bonds、Medium term notes、Small and medium-sized enterprise collective bills and other debt financing instruments，Strengthen the bond market’s support for tourism companies，Develop asset securitization products for tourism projects”。

"Several Opinions on Further Promoting Tourism Investment and Consumption" issued by the General Office of the State Council is based on the current indirect financing needs mortgage (pledge) requirements，"Expanded" the mortgage (pledge) properties that the tourism industry can try，Proposed to “actively develop asset securitization products for tourism investment projects，Promote the construction of a trading platform for property rights and management rights of tourism projects，Actively guide expected returns、Tourism companies with high brand recognition are exploring relevant charging rights、Financing through mortgage (pledge) of operating rights and other methods”。Viewed from this，Policy documents not only actively encourage qualified companies to actively carry out corporate bonds、Corporate bonds and other direct financing channels，And how to speed up asset securitization and promote charging rights、The expansion of financing channels such as operating rights mortgages and pledges also provides strong support。Also，"Several Opinions on Further Promoting Tourism Investment and Consumption" clearly states that "under the premise of complying with planning and purpose control，Encourage rural collective economic growth and use rights to use collective commercial construction land as shares in accordance with the law、Joint ventures and other forms with other units、Individuals jointly start a tourism enterprise”，Obviously this will provide useful ideas for solving financing difficulties in poor and remote areas that are actively developing the tourism industry but face insufficient funds，Conducive to revitalizing rural land resources，Accelerate the tourism development process in resource locations。There is reason to believe，The policy documents that have been issued will greatly promote the reform process of tourism investment and financing，Helps credit financial institutions 188bet sports betting app download to further innovate and enrich tourism credit products，Meet the financing needs of entities with different financial needs。

2、Aiming to form more diversified financing channels，Actively play the role of the market and the government in tourism investment and financing reform

The tourism industry must develop，Investment is the key，Financing is an urgent need。In recent years，The average annual growth rate of tourism investment remains above 20%，It is expected that the actual completed investment scale of the tourism industry in 2017 will exceed 1.5 trillion yuan，This means that in order to maintain an investment scale of up to trillions and will continue to grow, more diversified financing channels are urgently needed，There is an urgent need for financial service innovation suitable for entities with different financial needs in the tourism industry。

It can be said，Only by strengthening the guidance of tourism investment and financing，Carry out the basic and strategic task of investment and financing reform，Only through the structural reform of the supply side of tourism can we advance it in a solid and in-depth manner，A "series of policies" aimed at promoting the sound and rapid development of the tourism industry can better release institutional dividends。

Objectively speaking，Tourism is a comprehensive industry，Tourism involves both the basic elements of "food, accommodation, transportation, shopping and entertainment"，It is also related to traditional and emerging tourism formats，In addition, from the perspective of the full life cycle, tourism development can be divided into different stages from development and construction to destination image creation，This results in different business formats、Different elements、Differences in investment and financing needs at different stages，To achieve the development of all-region tourism，We must innovate investment and financing mechanisms，Investment and financing reform requires financing channels、Financing channels are smooth、Construction of investment and financing entities、In-depth advancement in financing model innovation and other aspects。

If the growth of investment scale and the characteristics of the comprehensive tourism industry require accelerating investment and financing reform，Then how to promote and how to better promote the reform of tourism investment and financing becomes the key。The Third Plenary Session of the 18th CPC Central Committee clarified that the core issue of economic system reform is to deal with the relationship between the government and the market，Let the market play a decisive role in resource allocation and better play the role of the government。The key to tourism investment and financing reform is still how to play the role of the government and the market。

On the one hand，We must actively play the role of the market in the innovation of tourism investment and financing mechanisms，Promote the optimal allocation of credit resources or social funds based on the principle of maximizing returns。Meanwhile，The capital demand side must achieve the conditions for winning market capital inflow through operating efforts and improving quality and efficiency，And choose the appropriate financing model (endogenous financing or exogenous financing) based on cost minimization，Direct financing or indirect financing)。

On the other hand，It is necessary to further clarify the government’s functional positioning in the tourism development process，Better play the role of the government in tourism investment and financing。Tourism is an industry that gradually develops from small to large，It is necessary for the government to play a leading role in the early stages of development，Also very important，However, in 2016, the added value of tourism and related industries reached 3.29 trillion 188bet app yuan，The proportion of GDP reached 4.Under the strong development momentum of 44%，The government needs to reposition its role in tourism development。The demand for funds for projects with strong commercial nature or enterprise entities with a relatively high degree of marketization，The government must respect the role of the market，By providing an investment and financing platform to promote rather than interfere with the substantive achievement of the relationship between creditors and debtors，Otherwise, in the context of the institutional mechanism of financial suppression caused by administrative intervention in our country，The government’s excessive dominance will distort the flow of social funds、Reduce 188bet app download the efficiency of credit funds。Of course, the level of marketization is not high、Financing needs of small and micro tourism enterprises with smaller operating scale，The government must provide necessary financial support。

Meanwhile，With the emergence of comprehensive benefits of the tourism industry，The tourism industry has also been endowed with more and more public welfare and social attributes，Poverty Alleviation through Tourism Industry、Rural Tourism、Cultural tourism and the construction of tourism infrastructure and public service facilities under the new concept of all-region tourism are inseparable from the role of the government，To meet the funding requirements for development，The government should establish a special industrial development fund within the scope permitted by the policy，And actively explore the PPP model of cooperation between government and social capital。For example，Shandong Province has not only set up a rural tourism development fund，The Shandong Qilu Cultural Development Fund and the Shandong Coastal Tourism Development Fund were also established。

3. Be alertTravel investmentThe surge phenomenon under the capital wind outlet，Actively implement and improve classified and differentiated credit services

Preventing systemic risks is the top priority in current financial work。The current tourism industry has ushered in great development opportunities driven by a series of policy dividends，Investment hot spots continue to emerge，Coupled with the increase in per capita income level, tourism demand will be greatly released，The market is generally optimistic about the prospects of tourism development。In this context，Tourism welcomes investment opportunities，All kinds of capital have entered the tourism industry，The surge in tourism investment is becoming more and more prominent。

From the perspective of tourism investment category，Currently existing online travel investment fields，Another overseas trip、Tourism Technology、B2B Travel、B2B Travel、Categories such as shared bikes and online car rentals。Constant investment hot spots will naturally stimulate speculation in the market，The Ponzi scheme follows。

Related data display，As an important force in promoting the development of tourism，The financing amount of tourism listed/listed companies reached 51.7 billion yuan in 2016，The investment amount is only 29 billion yuan，The huge gap between investment and financing has to worry about the real investment status of the tourism industry。Based on this，Tourism investment and financing entities must invest in tourism projects、Invest in hot business formats for selection and comprehensive comparison，It is strictly prohibited to provide financing support for various false projects that use tourism concepts without actual content，We must increase the number of market entities that maliciously defraud loans with bad credit records，Increase the difficulty of financing。Meanwhile，In the context of the concentration of investment hot spots，Credit entities must maintain a prudent attitude，In hindsight, shared bicycles are in business crisis and sufficient warning has been given to credit beforehand。Adhering to the bottom line of risk and choosing market entities with promising credit are also strongly guided by the existing tourism development policy opinions。For example，The General Office of the State Council’s “Several Opinions on Further Promoting Tourism Investment and Consumption” clearly states that “financial institutions are encouraged to follow controllable risks、Business sustainability principles increase credit support for tourism enterprises。"Naturally, preventing credit risks does not mean implementing a "one size fits all" credit policy，Active support must be given to promising investment projects and normal credit needs required by credible investment entities，It can be said，The original intention of the tourism investment and financing reform is to provide the necessary financing services for effective investment。

*Source of this article: Tourism Research Center, Academy of Social Sciences ，Author: Xia Jiechang，Vice President of the Institute of Financial Strategy, Chinese Academy of Social Sciences、Academic consultant of the Tourism Research Center of the Chinese Academy of Social Sciences、Researcher、Qi Fei，School of Sports, Leisure and Tourism, Beijing Sport 188bet Online Sports Betting and Casino University，Original title: "The current situation, problems and reform suggestions of investment and financing in my country’s tourism industry》.