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?

是的，我們預計，從長遠來看，旅遊業將利用經濟增長的機遇，而且中國人對世界各地的旅遊非常感興趣，是以我們對旅遊業未來的增長感到非常興奮。

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

隨著 COVID 的結束，國內旅遊市場增長勢頭良好。

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?

我們看到熱情的遊客在世界各地旅行，而且許多國家的簽證限制正在取消，特別是亞洲和海灣合作委員會國家、澳洲、紐西蘭，這些國家的情況非常好、是以，我們看到我們的旅行也有了強勁的增長，希望進入夏季後，我們能夠進一步放寬簽證限制，並進一步增加班機容量，這將使我們能夠把中國遊客帶到世界其他地方。我認為，根據我們的數據，到今年年底，該行業已經恢復到 70% 左右。保守估計，運力將恢復到 80%，但我們的團隊將能夠完全恢復到 COVID 前的水準，因為我們的客戶專注於，他們通常願意比大眾市場更早環遊世界。

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.

在旅遊行業，一些人追求物有所值，而奢侈品行業也同樣如此。

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.

我們有 14 億人口，所以你可以看到各種類型的消費者。我們看到的最昂貴的工具是前 COVID，80 天內在全球的售價約為 20 萬美元，而且我們的銷售速度非常快。

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.

這是中國實行開放政策後的第一代人，現在他們有錢有閒，不必在旅遊旺季旅行。

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?

是以，現在這一代人願意旅行，時間安排也更加靈活，這將在淡季為我們的酒店合作伙伴、航空公司合作伙伴和當地運營商帶來非常寶貴的客流量。 此外，年輕一代也非常健壯，我們 80% 的客戶出生於 80 年代之後，50% 以上的客戶出生於 90 年代之後，他們精力充沛，注重音樂會和娛樂活動。

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

您預計各細分市場的增長情況如何？

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?

是的，我們預計未來兩個季度的總增長率將達到兩位數，而且我們相信未來的 GDP 增長率將達到 5%左右，通常旅遊業將在 GDP 增長的基礎上再增加 2% 到 3%，我們將能夠超過這一數字。

And is that impacting travel between the two markets?

這是否會影響兩個市場之間的旅行？

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.

我認為，在這個充滿挑戰的時期，人與人之間的交流非常重要。是以，中國已經放寬了對許多國家的簽證限制，trip.com 的世界其他地區入境客戶增長了 400%。

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.

是以，旅行就像一座橋樑，為來自不同背景、不同國家的人們架起了一座橋樑，在把人們送到更遠的地方的同時，我們也非常致力於完成我們的使命。

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

您是說兩個市場之間的旅行勢頭越來越好，能給我們量化一下嗎？

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?

是的，COVID 之後的基數很小，但我們在不同國家看到了非常強勁的增長，從中國到世界其他國家，從世界其他國家到中國，當然，我們正在密切關注美元走強以及對亞洲貨幣的影響。

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.

考慮到目前各自貨幣的交易情況，日本等國的貨幣肯定是相當低的，是以你會看到世界各地的人都在進入日本，而中國目前的貨幣也很有吸引力。

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

中國還為海南設立了免稅島，是以，對於有興趣探索歷史和現代基礎設施的人來說，現在正是來中國旅遊的好時機。