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Published on : Tuesday, December 6, 2016
China’s increasing economy has created the world’s largest section of spenders and currently, there are 116 million middle class and wealthy households, compared to just 2 million in 2000. Many more are expected to enter the consumer classes in the near future. With soaring incomes and flexible government rules on travel, more and more Chinese people are now traveling for leisure and fun, both domestic and international destinations. According to the UNWTO, number of Chinese travelers going abroad reached 107 million in 2014. Goldman Sachs has predicted that 100 million more Chinese people will get passports by 2025. Entertainment and travel are expected to be biggest growth factors for China. The UNWTO has also predicted that Chinese travelers’ spending will also increase in the coming years. For most Chinese people, shopping is an important part of their holiday.
Number of Chinese students in abroad is also significant – more than 30% of the 1.04 million foreign college students in the US are from China. Their number has doubled in the last five years. For China’s neighboring countries Chinese visitors comprise an important factor for their economies. However this economic growth also has its downsides, especially on the environment. The Chinese tourism industry’s emissions doubled between 2002 and 2010. Tourism related carbon dioxide emissions within China are also growing at almost 13% every year. Although the Chinese government encourages tourism businesses to maintain sustainability, it offers little guidance. The Economist says that the amount Chinese tourists spending abroad influences China’s overall trade and value of Chinese exports is greater than its imports. Their spending abroad is, however, driving down the gap. But their spending is also getting slow due to time-consuming visa requirements for Chinese passport holders. The tourism boom in China is encouraging few Chinese firms to invest in foreign infrastructure for serving Chinese tourists. Chinese tourists are also visiting the US more than before. Most of them prefer Chinese language internet resources for information.