Trip.com aims to bring 200 million tourists to China over 5 years, buoying GDP growth
The company believes China could become the world’s top tourism destination, according to reports
James Liang, board chairman of online travel agency Trip.com, said the projected influx would help turn China into the world’s top tourism destination, according to reports published on Wednesday.
He was quoted as saying that inbound tourism could contribute 5 to 7 per cent to annual economic growth and help reverse China’s services trade deficit. Direct revenue from inbound tourism last year accounted for 0.67 per cent of gross domestic product, he added.
According to the CEIC Data economic database, the country’s services trade deficit of 828.7 billion yuan (US$121.3 billion) has largely widened because Chinese tourists spend more abroad than foreign visitors do in China.
Much of China’s services sector is also struggling with weak domestic consumption, fuelled by a five-year property slump and persistent job market concerns.
Xu Tianchen, a senior economist at the Economist Intelligence Unit market research firm, said inbound tourism could add 2 to 3 per cent of annual economic growth, but would probably fall short of 5 to 7 per cent.