Spending on business travel in China rises despite downturn
Chinese companies have indicated that their business travel budgets have grown by 4.79% y-o-y,despite a continued economic slowdown in China.
Chinese companies have indicated that their business travel budgets have grown by 4.79 percent year on year, higher than previous expectations, despite a continued economic slowdown in China, a business tourism body said yesterday in a report.
China will surpass the United States to become the world's biggest business tourism market in 2016, with expected spending of US$346 billion next year, compared with the US market size of US$319 billion, said the report, released by CITS American Express Global Business Travel.
Its annually published report covered executives from 188 companies in China ranging from small enterprises (with fewer than 100 employees) to large companies (more than 500 employees).
Company executives have indicated that their travel and entertainment budgets have grown annually by 4.79 percent, more than the 3.1 percent that had been anticipated in the 2014 survey, according to the report.
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