Published on : Thursday, March 9, 2017
According to China National Tourism Administration, they have unveiled a development guideline for the tourism industry during the 2016-2020 period. It echoes the country’s national strategy to spur the service sector. In the document, there are also plans to build a more integrated information sharing system and provide visitors higher-quality services.
According to the official data, China’s tourism revenue totalled about RMB 4.69 trillion (USD 689.7 billion) in 2016, up 13.6% YoY. Of this, the domestic tourists made 4.44 billion trips last year which is an increase of 11%.
Tourism plays a key part in the world’s second-largest economy as the country moves to build an economy driven by the service sector and consumer spending rather than trade and investment. The country is expected to spend about RMB 2 trillion on the tourism sector by 2020. If it happens, it will contribute more than 12% of GDP.
China spent more than USD 10.8 trillion on infrastructure from 2006 to 2015, according to Bloomberg calculations. Outlays for roads, airports, ports, railways and the like rose 17.4% last year, far outpacing the country’s 6.7% expansion in gross domestic product.