labels: economy - general, world trade organisation, leisure
China to open tourism market to foreign firms ahead of schedule news
19 May 2007

Mumbai: China will open its market to foreign travel agencies from July 1, about four months ahead of the November 11 deadline set by the World Trade Organisation (WTO), a senior official said.

China, which is set to replace the United States as the world''s third most popular tourism destination, will fully open its market to foreign travel agencies from July 1, head of the China National Tourism Administration, Shao Qiwei, said.

"This means foreign-funded travel agencies can set up subsidiaries in China without restrictions, and requirements on the registered capital of foreign-funded travel agencies will also be eased,'''' Shao said.

The opening of China''s tourism industry will further boost the industry''s overall quality and improve its competitiveness in the world, he said.

"We welcome the entry of the world''s big tourism companies and well-known brand names into China. It will help enhance the competitiveness of Chinese tourism enterprises,'''' the China Daily quoted Shao as saying.

Joint ventures and solely foreign-funded agencies were so far not allowed to operate outbound tours. So the full opening-up is still good news for overseas investors.

China has the largest domestic tourism market and is the world''s fourth most popular destination. Last year, China accounted for 5.8 per cent of the global tourism market, a growth of 0.3 per cent compared with two years ago.

Official statistics show the number of domestic travellers last year was 1.39 billion, and the administration forecasts the number will be 1.78 billion by 2010.


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China to open tourism market to foreign firms ahead of schedule