Original scientific paper
https://doi.org/10.1080/1331677X.2021.1890178
The role of tourism in China’s economic system and growth. A social accounting matrix (SAM)-based analysis
Guido Ferrari
José Mondéjar Jiménez
Luca Secondi
Abstract
After the opening policy in 1978, China’s tourism increasingly
took relevance, up to become an important industry in the last
two decades. Despite this, no analysis has been conducted at
macroeconomic level to check both tourism industry interdependencies and wealth creation. To fill this gap, in this paper we elaborated an innovative conceptual model for the theory-based
analysis of the tourism phenomenon in China, having the
Keynesian macroeconomic theory as the background and using
an SAM as the model accounting representation, and conducted
an original, comprehensive methodological analysis of China’s
tourism industry. As the database, we used a purposively elaborated 2015 SAM for China with 19 industries, on whose basis we
identified endogenous and exogenous accounts, set up an
innovative impact multiplier model adjusted to them and conducted an economic analysis of tourism interdependencies never
performed so far. Evidence shows that manufacturing, agriculture
and trade industries provide a relevant support to tourism services production, and that tourism greatly contributes to value
added/GDP and household income creation. Overall, tourism
industry has direct policy management implications, representing
a sector on which enterprises and government can profitably
base their decisions, with exogenous tourism demand shocks
positively activating China’s economic system and growth.
Keywords
Tourism; SAM; endogenous accounts; exogenous accounts; impact multiplier model
Hrčak ID:
301831
URI
Publication date:
31.3.2023.
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