Covering 176 countries worldwide, the latest industry research positions China as the 2nd largest Travel & Tourism economy in 2008 with continued rapid growth expected over the next ten years.
BERLIN, March 6 /Xinhua-PRNewswire/ -- China Travel & Tourism is expected to generate approximately CNY4 trillion (US$592.0 billion) in 2008, rising nearly four fold to CNY15 trillion (US$2,465.4 billion) over the next ten years, according to the latest Tourism Satellite Accounting (TSA) research launched today by the World Travel & Tourism Council (WTTC) and its strategic partner Accenture.
The TSA results reveal strong performance for Travel & Tourism Demand in China in 2008, growing at 10.9%. The long-term forecasts point to a continued solid phase of growth between 2009 and 2018, averaging at 8.9% per annum.
In 2008, China is positioned as the 2nd largest Travel & Tourism economy worldwide, after the United States of America and followed by Japan and Germany. Today its world market share represents close to 7%.
Globally the research shows that there will be a moderate decrease in the growth rate for the Travel & Tourism industry in 2008 to 3%. The overall impact of this slow-down for mature markets should be offset by the strength of the emerging markets. Commenting on this slowdown WTTC President Jean-Claude Baumgarten said, "Although the slowdown in global economic growth is increasing concerns about prospects for 2008, new destinations such as China are emerging as investment in fresh facilities continues and overseas travel is becoming both a feasible and an affordable choice for an increasing proportion of the world’s population."
With increased attention on China leading up to the Beijing Olympics, he continued, "The Games will help position China internationally and will have a profound impact on the entire country; however the Chinese Government must make a firm commitment to focusing its financial, human and intellectual resources on supporting, enabling, managing and directing its growth, if it to enjoy the anticipated economic wealth."
To download the full China TSA report, please go to http://www.wttc.travel/eng/Research/Tourism_Satellite_Accounting/TSA_Country_Reports/China; WTTC research covers 176 countries, 13 regions and the world
About WTTC
WTTC is the forum for business leaders in the Travel & Tourism industry. With Chairmen and Chief Executives of one hundred of the world's leading Travel & Tourism companies as its Members, WTTC has a unique mandate and overview on all matters related to Travel & Tourism.
WTTC works to raise awareness of Travel & Tourism as one of the world's largest industries, employing approximately 238 million people and generating nearly 10 per cent of world GDP.
