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Dai Bin, dean at China Tourism Academy, said the growth of the outbound tourism market is due to several factors: first, both Chinese people's willingness to travel and ability to pay have increased; second, major outbound travel destinations have strengthened market promotion for Chinese tourists and introduced more convenient visa and tax-free policies; third, innovations on island, parent-child, customized and leisure tourism products have attracted more people.

Daniel Zhang, CEO of Alibaba, delivers a speech in Hangzhou, East China's Zhejiang province on July 10, 2018. [Photo provided to chinadaily.com.cn]

Dayin Books & Cook opened in Shanghai earlier this month. The books in the store, which is open till 2 am every day, are mostly related to literature, history, philosophy and art. Photo by Gao Erqiang / China Daily

David Treadwell at Microsoft’s Build conference in 2014. (Microsoft File Photo)

Data from the National Bureau of Statistics showed on Friday that profits at industrial companies grew by 17.2 percent from January to June, quickening from the 16.5 percent expansion for the January-May period.