New Consumer Goods market report from Business Monitor International: "China Tourism Report Q4 2013"
Boston, MA -- (SBWIRE) -- 10/02/2013 -- BMI's China tourism report looks at the enormous potential offered by China's tourism market, with strong domestic economic growth boosting outbound travel, and inbound travel showing similar increases throughout our forecast period. A growing, increasingly affluent, middle-class is bolstering both internal and outbound travel, and strong infrastructure investment means the country is increasingly well placed to take advantage of future opportunities for market development.
Several years of strong domestic economic growth in China has seen the government able to invest extensively in expanding tourism to the country, investing in excess of US$4bn annually since 2001 according to figures from the World Travel & Tourism Council. Alongside direct investment in the tourism industry, the government has invested heavily in transport and travel infrastructure. The country already has a well developed rail network, though due to some areas of particularly high population density the network is prone to congestion and would benefit from expansion on key routes and major cities. A strong programme of investment means that BMI expects that in 2013 railways will make up 75% of the total transport infrastructure industry value, equivalent to US$40.7bn, industry growth of 3.8% on 2012. This expansion is based on several major projects including urban railway and high speed railways. Air travel is also a focus for investment with plans in place to build 82 new airports and refurbish a further 101 airports by 2015.
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China is an increasingly attractive prospect for investment as the domestic tourism market is gradually being opened up to foreign investment through a process of industry liberalisation, particularly in relation to hospitality, meaning that overseas activity in hotel ownership and management is expanding rapidly. Travel agencies are also gradually being opened up to foreign involvement which will help to increase China's share in the international travel market.
Inbound travel to China was affected by the global credit crunch and 2012 saw a slight decline in the annual growth rates, though year on year changes still remain positive. 2013 is expected to show growth of 6.29%, rebounding from the 2012, with arrivals reaching over 29.7mn. This growth will continue throughout the forecast period, and by 2017 BMI expects that the total annual arrivals figure will reach an impressive 42.5mn.
China has a multitude of tourist attractions, including vibrant cities such as Shanghai and Beijing, cultural and historical attractions like The Forbidden City and Great Wall of China and various eco-attractions.
- Confidence in the market is reflected by growth of major hotel chains, including the opening of a new Marriott hotel in Shanghai in 2013, its 14th in the country, and the expansion of Intercontinental Hotel Group's Hualuxe brand.
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