Posted On 2015/07/31 By In Business, China Domestic, News, Policies, Shopping With 448 Views

China focuses on Tourism to lift domestic Spending

China is seeking to promote tourism and lift domestic spending with measures ranging from boosting investment in tourism spots to encouraging companies to give employees paid leave, the cabinet said on Wednesday.

Regulations for holiday car rentals and other tourism businesses will be relaxed, and banks will be encouraged to extend more loans to tourism firms, the State Council said after a weekly meeting.

Retirees and researchers will also be encouraged to travel more, the cabinet said, without giving details.

Squeezed by slackening growth in exports, investment and domestic spending, China’s stuttering economy is this year widely expected to log its slowest growth in a quarter of a century, with expansion of 7 per cent.

The government has identified tourism as a growth area, in a bid to energise domestic spending. It aims to more than double domestic tourism spending to 5.5 trillion yuan ($886 billion) by 2020, compared to 2013.


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Sources:

Article: Reuters vis Trade Arabia / Image: Kanaka Menehune

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Spanning a career of over 25 years in hospitality, and non-profit organizations, Daniel has a proven track record in training and development of people across the spectrum. His expertise in human resources and as President / CEO of a nationwide non-profit gave him a strong foundation in cultural diversity and conflict resolution. Honored as one of the most influential executives under 40 in 2003, Daniel meshes his background in HR training and hospitality management by leading BMG’s Global Ready China Seminars.

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