China expects significant investment in tourism industry
China’s tourism authorities anticipate significant investments in the tourism industry and new jobs for 1.8 million people from 2015 to 2017.
China’s tourism authorities anticipate investments of RMB3 trillion (approx: US$483 billion) in the tourism industry and new jobs for 1.8 million people in the next three years from 2015 to 2017.
Direct investment in the industry last year registered a 22% increase to RMB650 billion (approx: US$ 105 billion), and the growth rate was five percentage points higher than the service industry and 6.2 percentage points higher than national investment growth.
China National Tourism Administration (CNTA) director Jin Li said direct investment in tourism projects would generate other investments at the ratio of 1:5, leading to total investments of RMB15 trillion (approx: US$2.4 trillion) over the next three years in related market segments such as rural tourism, large-scale attractions, resorts, medical tourism and elderly care, cultural tourism, eco-tourism, marine tourism, online travel, mega shows and events, travel and outdoor products, car and recreational vehicle travel.
“CNTA will create a tourism projects funding platform in conjunction with relevant departments, financial institutions and major tourism enterprises operating under market-driven principles to support exemplary integrated tourism projects that require intensive capital investment,” he said, adding that CNTA will also introduce financing and investment for distinguished tourism projects in collaboration with financial institutions like China Development Bank and China Agricultural Bank.
CNTA projects 10% increase in domestic tourism for 2015, at 3.95 billion trips, and 4.6% increase in inbound and outbound travel, at 248 million trips. Of which, inbound arrivals will stay flat at 128 million while outbound trips will increase 10% to 120 million. Domestic tourism revenue will be RMB3.3 trillion (approx: US$532 billion), up 12%, international tourism revenue will be RMB58 billion (approx: US$ 9 billion), up 3%. Total tourism revenue will be RMB3.66 trillion (approx: US$ 590 billion), up 11%.（Translation by David）