CNTA: China’s tourism industry enters trillion RMB investment era
Investment in China’s tourism industry has breached the trillion yuan mark this year and is expected to exceed three trillion yuan in the next three years.
Investment in China’s tourism industry has breached the trillion yuan mark this year and is expected to exceed three trillion yuan in the next three years, according to China National Tourism Administration (CNTA).
The growth in tourism investment is spurred by positive sentiment on regional tourism, set against the lack of investment for other economic sectors and surplus capacity in traditional industries. CNTA chairman Jinzao Li said culture and tourism expenditure become one of the six key national spending sectors and holds vast investment potential.
China recorded RMB705.3 billion direct investment in the tourism industry in 2014, a y-o-y increase of 32%, and 15% higher than national fixed asset investment during the same period. The tourism industry received RMB106.5 billion in direct investment in Q1 2015, a y-o-y growth of 35%, and 21% higher than the 13.5% y-o-y growth in national fixed asset investment. Developing the tourism industry has already become an integral part of the “one belt one road” policy and the national economic development.(Translation by David)