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China Takes the Second Place in Business Travel
According to the latest report by the Global Business Travel Association (GBTA), China is currently the second largest business travel market after the US. Moreover, if the development of China persists, the country will surpass the United States by the end of 2015.
GBTA also predicts that in 2012 the sum spent by business travelers will add 17%, and in 2013 it will increase by another 21%. This will make the total sum of money spend by business travelers reach US$202 billion and US$245 billion respectively.
Such a quick growth of business travel expanses is the result of the rapid growth of business formations, manufacturing, investments into different sectors of China’s economy and growth of trade. There is a strong correlation between main economic factors of the country’s finances such as exports, job growth, GDP growth, sales and profits, and growth of business travel. While forecasts for growth of real GDP of China are very optimistic (the country’s GDP growth many estimate 8.2% and 8.9% this and next year respectively), business traveling may also continue its positive development. Experts foresee that the growth of international outbound travel in China will be particularly high and will add tremendous 27% in 2013.
Chinese citizens also travel more and their trips become longer, so within next two years we will see significant improvements in the tourism industry of the country.
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