Banks play key role in growth of ice, snow industry

As China's ice and snow industry experiences rapid growth, the increased involvement of financial institutions in the winter sports and recreation market will help foster a virtuous consumption cycle, injecting new momentum into the country's drive for high-quality development, analysts said.

In the first month of the 2025-26 ice and snow season, ski resorts across China welcomed 35 million visitors, marking a 10 percent year-on-year increase. Among them, 190,000 were inbound visitors, up 66 percent. Winter sports and recreation spending totaled 36.35 billion yuan ($5.22 billion), reflecting a 6 percent rise, according to the General Administration of Sport of China.

A report from the administration revealed that from 2016 to 2024,China's ice and snow industry expanded from 364.7 billion yuan to 980 billion yuan, with an average annual growth rate exceeding 21 percent. The industry was expected to surpass 1 trillion yuan in scale in 2025.

The development model of the ice and snow industry has evolved from sightseeing to a more integrated approach, combining ice and snow with tourism, culture, sports and equipment manufacturing. Through collaboration with China UnionPay, internet platforms and offline merchants, the banking sector is seamlessly embedding financial services into various ice and snow consumption experiences. By offering discounts, installment services and other solutions, they are lowering consumption barriers and stimulating market vitality, said a report by Dagong Global Credit Rating Co.

The People's Bank of China's Heilongjiang provincial branch led a group of commercial banks to optimize the foreign payment environment with the goal of achieving payment convenience and service internationalization. In Harbin, Heilongjiang province, they achieved full coverage of foreign card acceptance at key cultural and tourism sites such as Central Street, Harbin Ice and Snow World, and the Yabuli Ski Resort.

Industrial and Commercial Bank's Heilongjiang provincial branch has installed point-of-sale systems at nearly 3,000 merchants in key foreign-related fields. In 2025, the branch processed 33.48 million yuan in foreign card transactions, with a total of 10,900 transactions. Foreign visitors can bind their foreign-issued bank cards, such as Visa, Mastercard, American Express, JCB and Diners Club cards, to domestic e-wallets, including Alipay and WeChat Pay, and complete payments in China via domestic e-wallet QR codes.

From December 2025 to February 2026, China Everbright Bank rolled out a winter-themed campaign in seven cities with abundant ice and snow resources to further boost consumption and drive domestic demand.

In Harbin, the bank targeted more than 10 high-frequency consumption scenarios, including flight tickets, hotel stays, ice and snow attractions, cultural performances, cultural products, dining and local experiences. The bank partnered with over 100 merchants at popular landmarks, offering its cardholders discounts or bonus gifts upon reaching spending thresholds and paying via platforms such as UnionPay Mobile QuickPass and WeChat Pay.

Additionally, the bank partnered with Chinese e-commerce giant JD to offer interest-free installment services and discounts for consumers purchasing ski equipment. These measures effectively lowered consumption barriers and increased tourists' willingness to spend.

Qi Ye, executive vice-president at China Everbright Bank, said that the ice and snow economy is a new blue ocean for consumption upgrades and a new track for industrial revitalization. The bank will continue to deepen financial innovation and work with partners to become a facilitator of winter sports consumption, a cultivator of the ice and snow industry, and a promoter of regional development.

The Dagong Global report highlighted that as ice and snow consumption evolves, extending from just skiing to more diverse experiences like skiing combined with hot springs, study tours and sports events, consumer demand has diversified, becoming more personalized with increased value.

The rise of digital finance has empowered the banking sector to accurately identify these evolving consumption needs and tailor installment products and payment solutions accordingly. Additionally, with the support of digital finance, banks are able to monitor real-time data on the operations, cash flow and other key metrics of companies within the ice and snow industry, allowing for accurate forecasting of funding fluctuations. This enables banks to offer flexible credit limits and repayment options, the report said.

jiangxueqing@chinadaily.com.cn