Foreign currency exchange service in China has covered all major international airports, four-star and above hotels, major tourist attractions, resorts and shopping streets across the country, according to the People's Bank of China.
According to the central bank, inbound tourists can exchange for Chinese renminbi (RMB) at more than 67,000 bank branches, 4,200 foreign exchange facilities and 320,000 ATMs across the country.
Currency exchange machines are installed in the lobbies of many hotels. Visitors only need to scan their passports and insert foreign currency notes to be exchanged into RMB according to the exchange rate of the day.
Many banks have simplified the process for foreigners with passports and other valid documents to open accounts in China. Cristine, a tourist from Germany, said this makes it more convenient for her to travel around the country.
"I think, today, we have diversity of payments that we can choose. You can use WeChat, Alipay. You can use your own card: credit card, debit card, or cash. You can choose which one you like best," she said.
China expands foreign cash exchange service across the country
China in 2024 saw a faster transformation and upgrading of investment in manufacturing industry, a strong growth of investment in high-tech industries, and a rebound of investment in infrastructure construction, according to the latest data released by the National Bureau of Statistics on Saturday.
The investment in manufacturing industry grew by 9.2 percent compared to the previous year, or six percentage points higher than the growth rate of overall investment. In particular, investment in technological upgrades of manufacturing industry increased by eight percent, or 4.8 percentage points higher than overall investment growth.
Private investment in manufacturing grew by 10.8 percent, driving up overall private investment by 5.3 percentage points.
The structure of investment continued to optimize. Investment in high-tech industries rose eight percent compared to the previous year, which was 4.8 percentage points higher than the growth rate of overall investment. In particular, investment in high-tech manufacturing grew by seven percent, and that in high-tech service industry grew by 10.2 percent. Investments related to high-tech industries, such as aerospace equipment manufacturing and professional technical services, increased by more than 30 percent.
In 2025, China plans to moderately increase central government budgetary investments, issue ultra-long-term special treasury bonds and local government special bonds, and enhance efforts to support projects for implementing major national strategies and building security capacity in key areas, as well as implementation of large-scale equipment upgrades and consumer goods trade-in programs, with the aim of stimulating private investment activity through various measures, effectively leveraging government investment to drive social investment, improving investment efficiency, and promoting steady growth in investments.
Transformation, upgrading of China's manufacturing investment accelerates in 2024