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Published on : Monday, May 16, 2016
According to the latest report from the China National Tourism Administration, Chinese investment in tourism will reach a zenith of 2 trillion Yuan ($306 billion) by 2020. If reports are to be trusted, the present year, is expected to experience a hit of 1.25 trillion Yuan in the tourism investment sector.
The country looks to support its service sectors and tap consumer spending. The fulcrum areas of its hope lies in areas like travel to propel growth amid signs of weaknesses in many areas of the economy. Investment in the sector of travel rose up to 42 percent to top 1 trillion Yuan in 2015. This accelerating promises rewards for firms like travel agent Ctrip.com International Ltd, hotelier Shanghai Jinjiang International Travel, e-commerce giant Alibaba Group Holding Ltd and developer Dalian Wanda Group. Unfortunately, the factory output and retail sales have remain slower in growth than what was expected in April.
The tourism body sounded hopeful as it said that in future think tourism investment has huge potential with hot spots starting to spring up. Rural tourism, online travel services, cruising as well as sports tourism are the major areas of thrust.
Investment from the private sector accounted for just over 57 percent of money pumped into the sector last year.