MONTHLY BAROMETER – WELLNESS EDITION
By Thierry Malleret, economist
China’s new assertiveness is very apparent in the travel and tourism industry. The country just launched a new world tourism organization called the World Tourism Alliance (WTA). Like the AIIB (Asia International Investment Bank) challenging the World Bank and the Asian Development Bank (ADB) in the field of finance, the WTA will compete head-on with similar organizations such as the UNWTO and the WTTC in the travel and tourism industries. Its organizational model is similar to that of the AIIB; with 89 founding members (including Western nations), it will be progressively enlarged and strengthened to become an effective tool for soft power.
In the field of international travel and tourism, just like in the field of international finance, China no longer wants to be dependent upon decisions made by others. It also wants its ascending global prominence to be reflected in the governance structure of multilateral organizations. The easiest way to do this is to create its own!