China’s tourism industry had RMB105.3 billion (approx: US$17 billion) in direct investment in 2014, a y-o-y increase of 32%, and 15% more than the national fixed asset investment in the same period, according to the China National Tourism Administration (CNTA).
In Q1 this year, direct investment in the Chinese tourism industry was up 35% y-o-y, at RMB106.5 billion (approx: US$17.2 billion). It was 21.5% higher when compared the 13.5% increase in Overall fixed asset investment in the same period.
The sustained growth of the tourism industry makes for a positive highlight of China’s faltering economy and the sector has been a prime target for investment.
CNTA’s economic planning director Decheng Peng said: “Private sector investment in the tourism industry has risen sharply in recent years and has been the main driver for growth. Private investment in the tourism industry reached RMB62.1 billion (approx: US$10 billion) or 58% of total direct investment in Q1 2015. Basically all of the 162 large-scale tourism projects of over one billion yuan (approx: US$16 million) have private sector investment,” he said.(Translation by David)
