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Chinese expenditure on tourism is expected to reach RMB8 trillion by 2020

05/19/2016| 9:38:33 AM|

Chinese expenditure on tourism is expected to reach RMB8 trillion by 2020, contributing more than 10 percent of the growth in the country's GDP.

Chinese expenditure on tourism is expected to reach RMB8 trillion ($1.22 trillion) by 2020, contributing more than 10 percent of the growth in the country's GDP, according to a report about the country's tourism development.

The number of annual domestic trips has increased from 200 million in 1984 to 4.1 billion last year, an average annual growth of 10.2 percent, statistics show.

Domestic tourism revenue has increased from about RMB8 billion in 1985 to more than RMB3.42 trillion last year, an average annual growth of 22.4 percent, according to statistics.

In 2014, the number of outbound trips made by residents on the Chinese mainland exceeded 100 million. The number stood at 120 million last year, a marked surge compared with 2.98 million in 1992, according to government statistics.

China is also the fourth largest country for inbound tourism. The number of inbound tourist trips has increased from 1.8 million in 1978 to 130 million last year.

The revenue generated by inbound tourism has increased from $263 million to $113.65 billion during the same period.

The added value of the tourism industry totaled RMB7.11 trillion, accounting for 10.5 percent of the national GDP, compared with 9.4 percent in 2012, according to the State Information Center.

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TAGS: inbound travel | outbound travel | domestic travel | China
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