CHINA-INTERNAL: TOURISM

According to the China National Tourism Administration (CNTA) direct investment in the tourism industry is predicted to reach 1.5 trillion yuan ($218 billion) this year, representing a more than 20% jump compared to 2016. The CNTA said the prime area for investment in 2017 will be rural tourism, which attracted 2.2 billion tourists last year — or half of China’s total number of domestic tourists. Other growth sectors attracting investment include helicopter tours, big data, and internet-based tourism services.The forecast follows a government plan to attract more private funding into tourism launched last December, which set a target of 2 trillion yuan in investment for the sector by 2020.Last year, tourism investment grew 29% year-on-year to 299.7 billion yuan, outpacing a 10.9% rise in the tertiary sector and an 8.1% rise in fixed assets. Li Jinzao, head of the CNTA, said the service industry, including tourism, has become a fresh engine to drive China’s slowing economy as traditional industries lose steam.







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