Biz leaders upbeat on flourishing China market

A1 China's participation in the Regional Comprehensive Economic Partnership agreement with other Asian Pacific economies is a strong signal of China's continued opening-up of its economy. Viking Cruises certainly welcomes economic policies that will reduce barriers for us to seize market opportunities in a more timely and efficient manner.

We hope to see foreign-funded enterprises being granted national treatment in more business areas. We also look forward to measures that will facilitate early implementation of major foreign-invested projects.

A2 We believe that high-quality development is a sustainable growth strategy over the long term and will become a good example of how the world's economies can develop in the post-pandemic era, as it looks at economic growth in a more holistic manner, rather than at the expense of society and the environment.

We especially welcome high-quality development areas outlined in the tourism sector development plan in China's 14th Five-Year Plan period. An example is the development of national cultural parks and world-class tourism attractions that highlight unique creations, values and distinctive characteristics of Chinese culture. This will provide Viking with more diversified shore excursions on our cruises, which are focused on cultural exploration and not just sightseeing.

A3 While China's outbound travel restrictions mean we are still not able to operate our European cruises for the Chinese market, we have been able to take advantage of domestic travel demand. We hope for announcements with specific measures and timelines for the gradual opening-up of China for inbound and outbound travel.

A4 Our joint venture with China Merchants Group to form China Merchants Viking Cruises underscores our unshaken commitment to China and Chinese partnerships. We see room for the joint venture growing to include shipbuilding projects for Chinese-flagged vessels, as well as to include a wider range of domestic products and travel lifestyle experiences in the next few years.

A5 We have noticed signs that the US Federal Reserve is planning to tighten its policy. However, it will not affect our confidence in the China market, nor our commitment to it. In fact, our joint venture with financial powerhouse China Merchants Group was a way to fund our continued growth and development in China. Prior to 2020, 100 percent of our growth in China was funded by Viking's headquarters in Europe. Now, it is jointly funded by Viking and CMG. Joint teams are working on new product developments for ocean and river cruises in China.