Daily Management Review

China wants revenues from tourism to reach one trillion dollars


China seeks to convert tourism into a major driving force for economic transformation and upgrading.

According to the State Council’s plan, total investment in tourism will grow to 2 trillion yuan by 2020 the. Contribution of this sector to GDP is expected to exceed 12%.

By 2020, the country plans to increase revenues from tourism to 7 trillion yuan (about US $ 1 trillion) per year, as follows from the Program of Tourism Development in the 13th Five-Year Plan (2016-2020), published by the State Council.

Last year revenues from this sector in China exceeded 4 trillion yuan.

Travel agencies will be asked to sell a variety of products, such as vacation trips and excursions to old revolutionary bases. Over the next 5 years the country will improve quality of tourism facilities, in particular through development of five urban tourist clusters and ten state tourist zones. Above that, the plane implies refinement of public services for tourists and promotion of "green" tourism.

It is expected that tourism will foster job creation and reduce poverty in rural areas of China.

In the first half of the year, number of domestic tourist trips stood at 2.236 billion person-times (+ 10.5%), while number of foreign tourist trips rose by 4.12%, up to 127 million person-times.

In January-June, China was visited by 67.87 million foreign tourists, 3.8% more than in the same period last year. Revenues from international tourism rose by 5.3% in the first half of the year, up to $ 57 billion.

According to estimates of the country’s authorities, growth rate of domestic tourism in the second half of the year will also be double-digit. Inbound and outbound tourism will grow by about 4%.

In 2015, the tourism industry contributed 10.8% in China's GDP, and created 10.2% of all new jobs in the country.

Earlier in December, Chinese statistical services released their reports. According to the papers, volume of investment in fixed assets in China (excluding agriculture) increased by 8.3% in January-November 2016. In the first 11 months of this year, investment in fixed assets in China (except agriculture) reached 53.85 trillion yuan ($ 7.82 trillion).

In January-November, investment of state enterprises increased by 20.2%, and investment of the private sector - by 3.1% compared to the same period last year.

Over the past year, volume of investments in fixed assets totaled 55.16 trillion Chinese yuan ($ 8.4 trillion).

China's GDP for the III quarter of this year increased by 6.7%, the same growth was recorded in the II quarter.

source: ecns.cn

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