Paper Title
The Relationship between RMB Internationalization and China’s Outbound Tourism: Evidence from ASEAN Countries

Abstract
With the development of RMB internationalization and China’s outbound tourism in ASEAN countries, more and more scholar concentrates on relationship between them. This paper attempted to determine whether the RMB internationalization and China’s outbound tourism affect each other, as reported in studies previously. This paper analyzes RMB internationalization and China’s outbound tourism based on multipolarity region theory and tourism demand theory. Due to data limited, this paper only analysis the situation in Philippines and Singapore by using ARDL and ECM model. The evidence shows that RMB internationalization has positive effect on China’s outbound tourism in the long-run. In short-run, RMB internationalization has positive effect on China’s outbound tourism in Philippines, which difference with Singapore. Keywords - RMB internationalization, China’s outbound tourism, ASEAN countries, ARDL model, ECM model.