Banks Play a Key Role in Driving the Growth of China’s Ice & Snow Industry
As China’s ice and snow industry enters a phase of accelerated expansion, deeper participation from financial institutions is emerging as a critical force in shaping a sustainable and high-quality growth cycle for the winter sports and recreation market.
According to data from the General Administration of Sport of China, ski resorts nationwide recorded 35 million visits during the first month of the 2025–2026 ice and snow season, representing a 10% year-on-year increase. Among these visitors, inbound tourists reached 190,000, marking a significant 66% growth. Total winter sports and recreation spending reached RMB 36.35 billion, up 6% compared to the previous year.
Industry scale has also expanded rapidly. From 2016 to 2024, China’s ice and snow industry grew from RMB 364.7 billion to RMB 980 billion, achieving an average annual growth rate of over 21%. The sector is projected to exceed RMB 1 trillion in 2025, reinforcing its role as a new growth engine within China’s consumption and tourism economy.
From sightseeing to integrated winter experiences
The ice and snow industry has evolved beyond traditional sightseeing, moving toward an integrated development model that combines winter sports, tourism, culture, entertainment, and equipment manufacturing. Financial institutions are increasingly embedding payment and financing solutions directly into these consumption scenarios.
Through collaborations with UnionPay, digital platforms, and offline merchants, banks are offering discount programs, installment payment options, and customized financial services, effectively lowering spending barriers and stimulating market vitality, according to a report by Dagong Global Credit Rating.
Enhancing payment convenience for international visitors
To support the growing number of inbound travelers, financial authorities in Heilongjiang province have worked with commercial banks to optimize the foreign payment environment. Major tourism and cultural destinations in Harbin—including Central Street, Harbin Ice and Snow World, and Yabuli Ski Resort—now offer full coverage for foreign card acceptance.
Foreign visitors can bind international cards such as Visa, Mastercard, American Express, JCB, and Diners Club to domestic digital wallets including Alipay and WeChat Pay, enabling seamless QR-code payments throughout China.
Targeted campaigns boost winter consumption
From December 2025 to February 2026, China Everbright Bank launched winter-themed consumption campaigns across seven key ice and snow cities. In Harbin, the bank focused on high-frequency spending scenarios such as air travel, hotels, ski attractions, performances, dining, and local cultural experiences, partnering with over 100 merchants to provide exclusive offers for cardholders.
The bank also collaborated with leading e-commerce platforms to introduce interest-free installment plans and discounts for ski equipment purchases, further encouraging consumer participation and higher spending.
Digital finance supports long-term industry growth
As ice and snow consumption diversifies—expanding into experiences such as skiing combined with hot springs, study tours, and winter sports events—consumer demand is becoming increasingly personalized and value-driven.
Digital finance has enabled banks to better analyze real-time operational and cash-flow data across the ice and snow industry, allowing for more flexible credit limits, tailored repayment options, and accurate funding forecasts. This data-driven approach supports both enterprises and consumers, reinforcing financial stability across the entire winter sports ecosystem.
Industry experts note that the ice and snow economy represents not only a new frontier for consumption upgrades, but also a strategic pathway for regional development and industrial revitalization—one in which financial institutions will continue to play a pivotal role.
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Banks play key role in growth of ice, snow industry
