China set to double investment in tourism
Print Edition
CHINESE investment in tourism will double to about 2 trillion yuan (US$307 billion) by 2020, the China National Tourism Administration said in a report, as the country looks to support its service sectors and boost consumer spending.
Tourism investment will hit 1.25 trillion yuan this year, the agency said in its annual report, adding that investment rose 42 percent last year to 1 trillion yuan.
The government is pinning its hopes on areas like travel to propel growth amid signs of weaknesses in key areas of the economy. Fixed-asset investment, factory output and retail sales all grew more slowly than expected in April.
Fast growth promises rewards for firms like Ctrip.com International Ltd, Shanghai Jinjiang International Travel, Alibaba Group Holding Ltd and Dalian Wanda Group.
“We think tourism investment has huge potential with hot spots starting to spring up,” the tourism body said.
Online travel services, rural tourism, cruising and sports tourism were big investment areas, it said, adding that the private sector accounted for 57 percent of the total investment last year.
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