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China tourism market an investment magnet
(Xinhua)
Updated: 2008-07-07 17:26 China's tourism market has become a magnet for international investment, raising about 150 billion yuan ($21.8 billion) annually over the past few years, a senior tourist official said in Kunming on Monday. "Some high-end international tourism products have made their way into the Chinese market, such as port calls by luxury liners and booming business for limousine and yacht rentals," said Wang Zhifa, National Tourist Administration (NTA) deputy director. Despite this, Wang, who was in Kunming to attend an industry forum in the capital of southwest Yunnan province, said the country still faced great hurdles even though it was poised to become the world's largest tourist destination by 2015. He said the industry still lacked large companies to take a leadership position in comprehensive tourist development. He added public service in tourism, from tourist consultation to toilets in scenic spots, had been substantially improved. Wang said the NTA had given project approval to five-star hotels on a monthly basis, and more project applications were on the waiting list. Tianjin, for example, had a total of 45 five-star hotel projects planned between now and 2010. This would draw investment of up to 83.8 billion yuan ($12.21 billion). Last year, the country welcomed 54.7 million inbound overnight tourists, the fourth most in the world. (For more biz stories, please visit Industries)
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