China's growing business travel market draws global attention
China's business travel market is expanding rapidly, creating opportunities for travel companies worldwide.
AirPlus International, a German travel payment company, said its accumulated turnover in China reached over 1 billion euros ( USD 1.2 billion) this month, making China its third largest overseas market.
The company allows businesses to pay for employee travel expenses using a centralized corporate account, reducing paperwork and creating cost efficiencies.
China overtook the United States as the top business travel market in the world in 2015, according the Global Business Travel Association (GBTA),
In 2017, Chinese business travel spending is expected to hit 344.6 billion U.S. dollars, up 8.4 percent year on year, 51.5 billion dollars more than the estimated U.S. business travel spending, according to the GBTA.
Wang said the fast growth was likely to continue as initiatives such as the Belt and Road Initiative were boosting international demand.
As Chinese companies expand their global footprint, they are also bringing in new technologies such as mobile payment to boost efficiency.
China leads the world in mobile payments for business travel, according to a 2017 AirPlus study.
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