December 03, 2009

China to Further Open Tourism Sector to FDI

New guidelines issued by the Chinese State Council (the Cabinet of China's central government) encourage foreign investment in tourism specifically, according to some translations, allowing foreign businesses to set up joint ventures for travel outside China. The Chinese domestic tourism market is already open to a degree. For example, 100% ownership of hotels by foreign investors is allowed.

Beijing is pushing tourism - where China has immense potential - and all related services to account for an ambitious 5% of GDP within 5 years. By contrast tourism's share of GDP in the USA has been flat at just under 3% since 2001.

Overall, foreign direct investment (FDI) in China rose 5.7% in October. Although total FDI is down compared to 2008 the first 10 months of 2009 China received over $70 billion (US dollars) in foreign investment....

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