Yes, we anticipate the travel industry in the long run will capitalize on the growth of the economy and also Chinese people are very interested in travel around the world So we're very excited for the future growth in the travel industry So in terms of what can be expected in the coming quarters, how will recovery be what kind of pickup can we expect?

そうですね。長期的には、旅行業界は経済の成長を利用することになるでしょうし、中国人は世界中を旅行することに非常に興味を持っています。

especially for the domestic travel market Domestic travel market is growing very well As the COVID is behind us.

特に国内旅行市場向け 国内旅行市場は非常に成長している。

We have seen enthusiastic travelers travel around the world and also The visa restrictions for a lot of countries are being lifted particularly for Asia and GCC countries, Australia, New Zealand These countries are doing very well Secondly, also there are lots of air capacity being added into this area So we saw a strong pickup for our travel as well Hopefully going into the summer we'll be able to further relaxation of the visa restrictions and further addition to the flight capacity Which will enable us to bring Chinese travelers to the rest of the world So Jane a lot of optimism when it comes to outbound travel The question really is when outbound travel among the Chinese will get to pre-COVID levels because expectations are not this year Hmm I think based on our data The industry recovered to about 70% already by the end of this year The conservative estimate is that the capacity will be recovered to 80% However for our team will be able to recover fully to pre-COVID level because our customers focus on And they normally are willing to travel around the world ahead of the mass market Jane we know that the Chinese consumers are pretty concerned about The recovery in the economy a lot of them are saving more than their spending when it comes to the travel industry Do you see a segmentation a dual?

特にアジアやGCC諸国、オーストラリア、ニュージーランドは非常に好調です、そのため、私たちの旅行も好調に回復している。願わくば、夏に向けてビザ規制をさらに緩和し、フライトのキャパシティをさらに増やすことができれば、中国人旅行者を世界各地に呼び込むことができるだろう。しかし、私たちのチームは、COVID以前のレベルまで完全に回復させることができるでしょう。なぜなら、私たちの顧客は、通常、大衆市場に先駆けて世界中を旅行することを望んでいるからです。

segmentation perhaps in a travel sector where Some people are looking for value for money while the luxury sector is also doing as well Yes China is very big.

セグメンテーションは、おそらく旅行セクターにおいて、一部の人々が価格に見合った価値を求めている一方で、高級品セクターも同様にうまくいっている。

We have 1.4 billion people so you can see Any kinds of consumers the most expensive tool we saw the pre-COVID cost about 200,000 USD 80 days around the world And we sold it very rapidly We also have created Older generation silver here generation.

最も高価なツールであるプレCOVIDは、世界中で80日間、約20万ドルもしたんだ。

This is the first generation after the open-door policy by China Right now they have money and they also have time and they didn't have to travel during the peak season.

今、彼らはお金も時間もあり、繁忙期に旅行する必要もない。

So that Generation now are willing to travel always a much more flexible time schedule So that will bring our hotel partners airline partners local to operators really valuable volume during the slow season Again, the young generation also are very robust 80% of our customers were born after the 80s And more than 50% of our customers were born after 90s They're very energetic they focus on concerts entertainment So there is another segments going into the experiential type of travel So Jane, can you put a number to it?

そのため、ホテル・パートナー、航空会社パートナー、現地オペレーターは、閑散期には本当に貴重な販売量を確保することができるだろう。

What kind of growth are you anticipating for the different segments?

各セグメントでどのような成長を見込んでいますか？

Yeah, we anticipate in aggregate Growth rate double digits for the next two quarters and going forward we believe we can look at the GDP growth rate at about 5% and Normally travel industry will add 2 to 3 percent on top of the GDP growth and we'll be able to outpace that number And Jane, of course, we have heightened tensions between the US and China Is that is that impacting travel at all?

今後、GDP成長率は5％程度になると見ていますが、通常、旅行業界はGDP成長率に2～3％を上乗せすることになり、その数字を上回ることができると考えています。

And is that impacting travel between the two markets?

また、そのことが2つの市場間の旅行に影響を及ぼしているのだろうか？

Hmm, I think during the challenging period people-to-people exchange are very important So China already relaxed visa restrictions for many countries and trip.com have seen 400% growth for inbound customers from the rest of the world.

中国はすでに多くの国のビザ発給制限を緩和していますし、トリップドットコムは世界からのインバウンド顧客数が400％も伸びています。

So travel serves as a bridge For the people from different background different Countries, we are very committed to our mission while we are sending people further away.

旅は、異なる背景を持つ異なる国の人々の架け橋となる。

We are bringing the world closer So you're saying travel between the two markets is gaining momentum, can you quantify that for us?

つまり、2つの市場間の旅行が勢いを増しているということですが、それを数値化していただけますか？

Yeah, the base is quite small after COVID, but we have seen very strong growth Among different countries from China to the rest of the world and from the rest of the world into China Jane, of course, we're keeping a very close eye on the strong dollar and the impact on Asian currencies Do you find that your travelers are assessing where they can get the most value?

もちろん、ドル高やアジア通貨への影響は注視しています。 旅行者はどこで最も高い価値を得られるかを見極めているのでしょうか？

Given where the respective currencies are trading right now Sure for countries such as Japan the currency is quite low so you see People from all over the world going into Japan China right now the currency is attractive as well.

今、それぞれの通貨が取引されている状況を考えると、確かに日本のような国にとっては通貨がかなり低いので、世界中の人々が日本に入ってきている。

China also have a duty-free island for Hainan So actually this is the right time for people who are interested in exploring the histories And also the modern infrastructure to come and visit China

中国はまた、海南島の免税店を持っている。だから、歴史や近代的なインフラを探検することに興味がある人たちにとっては、今が中国を訪れる絶好の機会なのだ