China needs to spend some time off
New rules are giving Chinese employees something most Americans take for granted: paid days off. Scott Tong reports this is especially good for encouraging spending, as Chinese workers save too much.
A stack of 100 Yuan notes (Frederic J. Brown/AFP/Getty Images)
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Renita Jablonski: Here's a way to think about the congestion in China in this holiday travel season: Imagine a country the same size as ours, with four times the people, all on the road at once. A new policy that begins today aims to reduce the log-jam. Marketplace's Scott Tong reports.
Scott Tong: In China, everyone vacations at the same time. Until today. The new rules introduce to China something most Americans take for granted: paid vacation days that workers can use whenever they choose. Chinese employees will also enjoy more vacation days off than they did before.
Consultant Shushmul Maheshwari says the point is to encourage spending. Right now, folks save too much.
Shushmul Maheshwari: Especially in Asia, people plan for the future, and really don't live for today. With this kind of promotion, it will help the new generation to really go and spend and enjoy life also. That's a big, big change, and it'll happen.
In 12 years, the number of Chinese tourists overseas is expected to triple to 100 million, and many will see the U.S. A new trade deal between the countries will smooth the process for approving visas and tour operators.
How much does the average Chinese visitor spend, coming to the States? Six grand.
In Shanghai, I'm Scott Tong for Marketplace.
