Press Release Summary = To increase travel business in the country, Chinese Government will now ease registered capital requirement on travel agencies funded by foreign capitalists.
Press Release Body = Government of China will ease registered capital requirement on travel agencies funded by overseas businesses from the coming July (1st July 2007), divulges NTA (National Tourism Administration). This will come into effect four months before the deadline (i.e. 11 November 2007) set by WTO (World Trade Organization) for the accession of China.
NTA head Shao Qiwei said that same capital requirements would be imposed on foreign as well as domestic travel agencies, quoted News agency Xinhua on 18 January 2007. According to Qiwei the move was intended to overseas prominent travel agencies for setting up their shops in China. Also, domestic agencies would be encouraged to expand their business overseas.
China needs to further open its tourism sector so that global competitiveness of the industry can be improved. By the year-end 2006, the country had given approval to 25 foreign controlled & foreign funded travel agencies.
NTA forecasts indicate that China tourism industry will thrive in the year 2007. It’s expected that the industry will reach record high revenues of one trillion Yuan, representing 10% increase on 2006. China is expected to see 129 million foreigners visiting the country this year, five million above compared to last year.
China is expected to welcome almost 53.6 million tourists who’ll take at least one night halt there. Approximately 1.39 billion indoor journeys were made in 2006,
As per the views expressed by a research analyst at RNCOS, “The China tourism sector would continue to receive renewed support with relaxation of Govt. regulation following the WTO access. Increased international connectivity and the setting up of top of the line hotel chains in China ahead OF Beijing Olympics in 2008 would be driving the industry in the future.”
RNCOS – a leading market research and analysis firm – has come up with its most anticipated report on “China Tourism Industry: New Opportunities for Growth (2007)”. The research report also addresses the issues and the facts that are critical to business success, such as:
-- What are the emerging trends in the Tourism sector in China? -- What is the future Outlook of the Tourism market in China? -- Who are the Key players in the Tourism Market in China? -- What opportunities exist for the Tourism market? -- What Challenges are faced by the industry? -- How is the market affected by other factors prevailing in the economy?
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today\'s globally competitive environment.
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