China is expected to overtake the U.S. as the world's largest corporate travel market over the coming three years, the Global Business Travel Association’s (GBTA) first Business Travel Index (BTI) has found.
According to the report, business travel expenditure in China will increase by up to 17 percent in 2012 and 21 percent in 2013, driving its surge towards the number one position.
“Business travel drives the economy and China is no exception,” GBTA regional director Welf J. Ebeling said.
“From this report we can see just how explosive this growth is going to be over the next few years.
"The Chinese recognize how important business travel is and the investments that are being made in vital infrastructure expansion demonstrate that.”
To meet present demand and anticipated growth, there are currently plans to construct around 100 new airports in China over the next decade. Over the last ten years China’s four major airports have doubled in size.
The report also stated that outbound travel from the country was expected to increase rapidly, rising by 27 percent by 2013.
GBTA executive director Michael W. McCormick was encouraged by the results of the inaugural BTI.
“We believe it is a most opportune time to have undertaken our first Business Travel Outlook for the country,” he said.“We forecast significant increases in business travel by Chinese citizens over the next two years with at least two-thirds of the growth being real increases in trips and spending as opposed to rising travel prices. This should also be accompanied by GDP growth rates of 8-9 percent a year.”
Wednesday, May 23, 2012
China MICE to surpass US: GBTA
Source = e-Travel Blackboard: P.T