Posted on Wednesday, 18 March 2015

China's business travel market will have outgrown that of the USA by 2017, according to a new report by Visa.

The publication was released by the Global Business Travel Association Foundation – the GBTA's education and research division – and revealed that despite slower-than-expected growth in 2015, China's long-term economic prospects look bright and will boost business travel.

The report notes that China-based business travel spending stood at around $261bn in 2014 – a year-on-year increase of 16.6 per cent.

This year is set to see 14 per cent growth in the sector, while 2016 will see a 12 per cent increase.

A slowing in China's economic growth has been highlighted as the key reason behind the forecast growth slippage this year and the next. Uncertain economic prospects globally are also likely to adversely affect China's economic health.

GBTA executive director Michael McCormick, said in a statement: "While this is slower growth for China, it is all relative. There is simply no other market to compare China to as their economic engine continues to move forward at a phenomenal pace producing double digit business travel spending growth."

McCormick praised China's economic policies as a key driver for the country's healthy business travel market.

Stanford Lin, vice president and head of products at Visa China, said: "China's economic growth projections in the near term remain robust, which bode well for a strong business travel market, growing more rapidly than the other major markets globally."

The health of China's internal business travel market is reflected in its outbound sector, too, where growth of 13.6 per cent is expected this year, dipping slightly to 11 per cent next year.

Keen to benefit from this surge in Chinese business travel, global leisure travel and hotel brands have increased their Chinese presence "significantly" over the last 10 years, according to the report – particularly with regard to the high-end business travel market.

Business Travellers Heading to China

While internal and outbound business travel is set to skyrocket in China, there is also sure to be a corresponding increase in business visits to China from outside the country.

Read starttravel.co.uk's 11 Tips for a Successful Business Trip to China for more information on commercial trips to what is now generally regarded as the world's second largest economy (some say first). Take particular note of point 9.

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