by Donald Wood
Last updated: 5:00 PM ET, Mon May 16, 2016
Photo by Janeen Christoff
On Sunday, the China National Tourism Administration announced that the country's investment in tourism will double by 2020 to an astounding $306 billion (2 trillion yuan).
According to Reuters, China will invest 1.25 trillion yuan this year in the tourism sector, an increase of 42 percent from 2015. The Chinese government is hoping the success of the travel industry will be able to offset the issues in many other key areas of the economy.
In April, China reported that overall investment, factory output and retail sales all grew at a slower rate than expected. The success of the tourism industry has helped companies like travel agent brand Ctrip.com International Ltd, hotelier Shanghai Jinjiang International Travel, e-commerce giant Alibaba Group Holding Ltd and developer Dalian Wanda Group boost their numbers.
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Reuters revealed that the private travel sector accounted for just over 57 percent of the money from the tourism industry. In addition, the China National Tourism Administration announced online travel services, rural tourism, cruising and sports tourism have all contributed to the success of the tourism industry in the country.
"In the future we think tourism investment has huge potential with hot spots starting to spring up," the China National Tourism Administration told Reuters.
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