China's Tourism to Further Open to Private and Foreign Funds

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Last updated at: (Beijing Time) Thursday, July 11, 2002

China's Tourism to Further Open to Private and Foreign Funds

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Non-state-owned capital will be further permitted to enter into China's tourism industry, Zhang Jianzhong, policy and legal department head with China National Tourism Administration (CNTA) said in Shanghai.

China's tourism industry has withstood the test of economic depression and "9.11" terrorist attacks in 2001. Latest statistics from China National Tourism Administration indicate that tourism earnings last year reached US$499.5 billion yuan (60.18 billion U.S. dollars), 10.5 percent more than last year.

The revenue included a forex amount of 17.8 billion U.S. dollars from overseas tourists and 352.2 billion yuan (42.5 billion U.S. dollars) from homebound tourism.

As the country known to have the richest tourism resources of the world, China should place great emphasis on its tourism. And to make China a primary destination of world tourism it must further loosen up limitations on use of private and foreign capital and make these accessible to developing its tourism.

By PD Online Staff Huang Ying

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