Packed China Tourist Sites May Spur Paid-Leave Reform, CCTV Says

Packed China Tourist Sites May Spur Paid-Leave Reform, CCTV Says

China’s overcrowded trains, roads and tourist sites during the week-long National Day holiday may spur the country of more than 1.3 billion people to speed up reforms that ensure paid leave for workers, state television reported. Chinese companies rarely grant requests for vacation time, which combined with growing tourism demand in the world’s second-largest economy, has led to surges in travel during the so-called “Golden Week” holiday Oct. 1-7, China Central Television reported. That’s added impetus to more quickly implement rules that guarantee paid leave, the broadcaster reported yesterday, citing “experts” it didn’t identify.Authorities in February introduced a plan to “basically” implement a paid annual leave system by 2020, without laying out specific steps. Chinese law already affords workers the right to paid leave, CCTV reported. What China doesn’t currently have is a mechanism for punishing companies that don’t allow employees to take that leave, the state broadcaster said.

An estimated 430 million people traveled during the holiday that ended yesterday, according to the China Tourism Academy. The number of visitors to China’s top 125 tourist attractions during this year’s seven-day break rose 6.8 percent from a year ago to 31.2 million, the China National Tourism Administration said on its website yesterday.

‘People Sea’

A common Chinese refrain for those that plan to visit scenic sites during national holidays is that they will only be able to see “people mountain, people sea.”

The holiday travel surge left more than 4,000 visitors to Jiuzhaigou valley, a World Heritage site in the southwestern province of Sichuan famous for its colorful water pools, stranded until 10 p.m. on Oct. 2 because buses out of the park couldn’t cope with the influx of people, the official Xinhua News Agency reported Oct. 3.

The number of visitors to Beijing’s Forbidden City during the holiday was more than double the maximum estimate by the site’s administrators, CCTV reported yesterday.

More than 70 million passengers rode the nation’s rail network during the holiday, setting a record, Xinhua reported yesterday, citing statistics from the China Railway Corporation. Travel on roads and waterways rose 6 percent from a year earlier to about 615 million journeys, the news agency reported, citing the Ministry of Transport.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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