In recent days, Harbin has become the vibrant host of the ninth Asian Winter Games, showcasing not only the athletic prowess of its participants but also sparking an unprecedented wave of interest in winter tourism. This event serves as a snapshot of the rapid growth of China's ice and snow economy, which has been steadily increasing in prominence on both national and international stages.
The financial sector, often referred to as the engine of the economy, has played an indispensable role in supporting this burgeoning industry. In China, commercial banks have been proactive, offering comprehensive financial assistance that ranges from targeted credit allocations to innovative ice and snow themed credit cards. This support is not merely a gesture but a strategic move to create a flourishing environment for the ice and snow sector, ensuring that consumers enjoy convenience and warmth, thereby transforming the seasonal spike in interest into a lasting relationship with winter sports and tourism.
“From the snowy landscapes of the northern regions to the indoor ice experiences of the south, the banking industry is lending unprecedented support to the development of this emerging economic model,” a seasoned professional from a state-owned bank remarked in an interview with the Securities Times.
The foundation of this growth can be attributed to proactive policies laid out by governmental bodies. Before the kickoff of the Asian Winter Games, the People’s Bank of China’s Heilongjiang branch alongside the provincial branch of the State Administration of Foreign Exchange implemented measures to diversify and streamline payment services within Harbin. This included a range of convenience services catering specifically to international visitors, such as instant payment solutions and seamless transactions with foreign bank cards, boosting the accessibility of the city to tourists.
Recognizing the sector's potential, Chinese authorities have designated the ice and snow economy as a new growth pole, aimed at pushing forward the development of ice and snow sports, culture, equipment, and tourism in a comprehensive manner. By the end of 2024, the central economic working conference clearly outlined the ice and snow economy as a significant contributor to expanding domestic demand, placing it alongside other emerging sectors such as the “first launch economy” and the “silver economy.” The projections indicate a remarkable expansion, with forecasts estimating a total economic scale of approximately 1.2 trillion yuan by 2027, escalating to 1.5 trillion yuan by 2030.
The surge in the ice and snow economy has been accompanied by a parallel spike in financial demand, prompting banks to step up their support efforts significantly. According to sources within the industry, credit allocation has emerged as the principal strategy for commercial banks aiming to foster growth within the ice and snow sectors.
A veteran employee from a major East China bank disclosed that in response to the diverse financing needs of the ice and snow industry, banks have markedly increased their credit allocations while constantly innovating related financial products to better meet industry-specific demands. Various banks have implemented action plans focused on supporting projects within key areas of the ice and snow economy.
For instance, the Agricultural Bank of China has committed to focusing its financial support on national-level ski tourism resorts and related industries by enhancing credit deployment while optimizing access conditions for financing and reducing costs. Similarly, the Construction Bank’s Heilongjiang branch identified the ice and snow industry as a priority area for credit investments, concentrating on crucial links within the industry chain, such as accommodation and dining, providing customized financial solutions tailored for enterprises across differing scales.
Transport Bank has also played a vital role, committing 330 million yuan in credit and financing leasing support for the Beida Lake ice tourism project, while entering into a strategic partnership with Shanghai’s Yao Xue Ice World. This collaboration offers funding for ongoing operations and features customized financial products, including ice tourism insurance, exclusive credit card benefits, and member rewards programs.
In terms of private banking, Pudong Development Bank’s Harbin branch has crafted specialized financial solutions catering to the realms of ice culture, tourism, sports, and equipment. By the end of December 2024, the balance of their loans related to the ice and snow economy was approximately 20.9973 million yuan, reflecting a year-on-year increase of 2.6073 million yuan.
As banks ramp up credit spending, they also pursue further innovations in financial services to address the diverse needs of the ice and snow economy. Not just limiting their support to mere funding, banks are facilitating deeper integration between the ice and snow economy and various sectors, including tourism and sports. According to a source, these innovative services extend beyond the traditional realms of payment settlements and cash management to encompass consumer finance, cross-border transactions, and green financing.
A notable example is the Industrial and Commercial Bank of China rolling out a series of consumer activities titled “Ignite the Capital, Enjoy the Ice and Snow Season,” targeting consumers in the Beijing area with discounts and promotions at over 20 participating merchants, including popular ski resorts. These initiatives effectively stimulate the growth of winter sports consumption.
The Bank of China’s Altay branch has contributed to the eco-friendly initiative by granting a green loan of 2 million yuan for the electric shuttle buses at the Hemu scenic area, thereby replacing fossil fuel use and reducing carbon emissions. Likewise, the Heilongjiang branch of the Construction Bank has innovatively merged “green finance” with ecological scenarios, persuading venues like ski resorts and hotels to implement energy-saving measures, resulting in mutual benefits for finance and ecology.
As this winter sports festival unfolds, the banking sector has demonstrated its proactive stance, providing robust industrial support while actively engaging consumers, helping the ice and snow economy mature from a fleeting interest into a permanent fixture, thus infusing sustained vitality into its ongoing development.
Moreover, a key aspect of effectively supporting the ice and snow economy involves the deepening cooperation between government, banks, and businesses to create financial service platforms. Such initiatives facilitate smoother connections between financial institutions and enterprises, effectively addressing the prevalent issue of “financing difficulties.”
In Heilongjiang, several financial institutions are working closely with government and enterprises to explore viable pathways for ice and snow economic development. For instance, the Construction Bank's Heilongjiang branch, in collaboration with the provincial tourism department, has built a smart tourism network that includes a data center for governing tourism, a regulatory platform, and public service initiatives. This has attracted over 1.2 million users to its “Qu Longjiang” platform.
Heilongjiang Bank has similarly committed over 300 million yuan in loans to support various ice projects as part of its initiative to help Harbin realize its vision of being a “capital of ice and snow culture.” Moreover, governmental and regulatory bodies are actively pushing collaborations between government, banks, and enterprises by issuing a series of supportive policies. Earlier, the People’s Bank of China’s Jilin branch advised financial institutions to explore receivables financing, inventory financing, and pledging of movable assets for ice and snow tourism enterprises to enhance their liquidity capabilities.
Efforts to support the ice and snow economy are further underscored by the Jilin provincial government, which has increased fiscal support and established a 1 billion yuan investment fund aimed specifically at guiding development in this sector. All these cohesive efforts emphasize a brighter future for the ice and snow economy, marked by collaborative growth and sustainable support from both financial entities and government bodies.