China sets up two new joint venture travel agencies

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 ◆ China sets up two new joint venture travel agencies

Sources with the China National Tourism Administration (CNTA) said in Beijing on Thursday that two new joint venture travel agencies were set up recently.

CITS-AE Travel Agency, which will start operating next March, was jointly established by the China International Travel Service and the American Express Company.

Comfort-Rosenbluth was set up by China Comfort Travel Co. and Rosenbluth Company, with Comfort holding 51 percent of the shares.

"China will further promote the joint venture travel agencies. Cooperation with some agencies in America, Europe and Japan are still under discussion. We estimate, an increasing number of first-class international travel agencies will come to China," said Zhang Jianzhong, director general of policy and legal department with CNTA.

China revised the regulations for travel agencies a week ago. According to the revision, after January 1 of 2003, foreign travel agencies can hold over 51 percent of the total shares. After December 31 2005, sole foreign-funded agencies can operate in China.

There are presently ten joint venture travel agencies in China.(xinhua)