Beijing to Open Lucrative Outbound Travel Market to Foreign Companies

By Ryan Gandolfo, November 17, 2018

0 0

China’s overseas tourist market has grown substantially in recent years. In 2017 alone, Chinese travelers accounted for 130.5 million trips abroad, with the number of tourists expected to reach 200 million by 2020.

The market for China’s outbound tourism has reached a point where wholly foreign-owned companies may be granted access to one of China’s fastest growing industries.

On Tuesday, Beijing proposed to open the outbound tourism market to more wholly foreign-owned travel companies to account for the growing demand for international travel.

According to China Daily, foreign travel agencies will be allowed to take Chinese visitors on outbound travel after meeting undisclosed requirements. While foreign-owned tourism companies have operated in China for 15 years, this would be the first time they can promote and sell outbound travel packages to Chinese tourists, according to Jing Travel. Currently, the policy change would only affect Beijing, but may very well lead to changes in other Chinese markets in the near future.

mathew-schwartz-691798-unsplash.jpg
Thailand was one of the most visited destinations by Chinese travelers last year. Image via Unsplash

In 2017, American bankcard companies were allowed to begin applying for licensing in China, which, if approved, would give non-Chinese bankcard companies’ access to a huge consumer market. On Friday, November 16, American Express was granted preliminary approval to start setting up a payments network with LianLian Group, its Chinese partner. But it appears companies like American Express and Mastercard may have arrived too late, as China’s Unionpay has a demanding hold on the bankcard industry and Tencent and Ant Financial have dominated mobile payments in China.

Will the outbound tourism market follow a similar path?

Statistics from China's Ministry of Culture and Tourism shows the country has been the top nation for travelers spending money outside their country’s borders. And with Secretary-General Shi Jianzhong of Beijing Tourism Industry Association supporting the increase in outbound tourism competition, it seems the industry might very well be ripe with opportunity.

[Cover image via Unsplash]

more news

13 Movies Hitting Chinese Theaters in July 2019

Remakes of 'The Lion King' and 'Papillon' are hitting cinema screens this month!

Here's How to Apply for the E-Channel at Chinese Airports

Hooray! Foreigners with valid Z visas can now use the E-Channel to skip immigration queues at the airport. Find out how to do it.

WATCH: Chinese Super League Matchday 18 - Who Will Falter First?

None of the three title contenders seem to be showing any signs of faltering after all three sides won on Matchday 18.

Last Chance to Vote in Our Chinese Poetry Illustration Contest!

Voting for our first-ever Illustration Contest for Classical Chinese Poetry is now in full swing. Let’s take a look at some of the awesome entries we’ve received!

WATCH: Chinese Super League Matchday 17 - Big 3 All Win by 3

Wins for the Guo'an, Evergrande and SIPG… again.

Chinese Poetry Illustration Contest Nominees (Part 5)

Voting for our first-ever Illustration Contest for Classical Chinese Poetry is now in full swing. Let’s take a look at some of the awesome entries we’ve received!

Chinese Poetry Illustration Contest Nominees (Part 4)

Voting for our first-ever Illustration Contest for Classical Chinese Poetry is now in full swing. Let’s take a look at some of the awesome entries we’ve received!

These 3 Chinese Cities' Average Yearly Wages Surpass ¥100,000

Average yearly wages for employees in the public sector in these three cities surpassed​ RMB100,000 in 2018.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at ThatsBeijing for events, guides, giveaways and much more!

7 Days in Beijing With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Beijing!

Visit the archives

Get the App. Your essential China city companion.