China reports higher tourism revenue

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 ◆ China reports higher tourism revenue

China is expected generate 550 billion yuan (66.2 billion US dollars) from the tourist sector by the end of this year, equivalent to one-fifth of the country's annual gross domestic product, the China National Tourism Administration has announced.

Revenue from domestic tourists increased by 10 percent to reach 380 billion yuan (45.7 billion dollars), while revenue from overseas tourists totaled 20 billion US dollars.

The number of tourists visiting China is expected to exceed 97 million by the end of this year. Inbound tourists in the first 10 months came to 81 million, up 11 percent year-on-year.

It was reported that during the three seven-day holidays, which fall around the May 1, National Day and the Lunar New Year in January or February, the number of domestic tourists increased by 18.1 percent, 26.2 percent and 14.7 percent respectively.

Tourism is considered a major part of China's economy as it can propel other industries, such as banking and insurance as well as transport and communications.

The World Tourism Organization predicts that China will become the world's most popular destination and the fourth major source of visitors by 2020.