14 September 2012 <\/p>\n<\/p>\n
The Travel & Tourism industry in China is substantially bigger than automotive manufacturing and supports almost as many jobs as the mining sector. <\/p>\n
This is according to new research from the World Travel & Tourism Council (WTTC) sponsored by American Express, released today during a speech by WTTC's President & CEO, David Scowsill, at the 'International Tourism Industry Expo' in Guangdong, China. <\/p>\n
The research, undertaken by Oxford Economics, shows that the sector's direct contribution to China's GDP is CNY1.2 trillion which is 13% more than the contribution to the GDP of automotive manufacturing and larger than communications services and the education sector. <\/p>\n
Travel & Tourism's total contribution to GDP in China was around 9% of total GDP. This compares to 8% for automotive manufacturing, 7% for education and 5% for communications services. <\/p>\n
With 62 million direct, indirect and induced jobs in China, Travel & Tourism supports more jobs than the financial service sector's 48.5 million. <\/p>\n
The new research also showed that Travel & Tourism's contribution to GDP is growing faster than most other sectors in China. It will grow by more than 9% over the next ten years, a faster growth rate than the total economy (7.6%). <\/p>\n
It highlights that Travel & Tourism is a significant source of exports for revenue for China. In 2011, visitor exports totalled over CNY 300 billion, which was 27% of all service exports and 2% of all exports (including goods and services). <\/p>\n
The study also compared the effect of Travel & Tourism spending on GDP and the wider economy. <\/p>\n<\/p>\n
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Tourism in China contributes more to GDP than automotive manufacturing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 14 September 2012 The Travel & Tourism industry in China is substantially bigger than automotive manufacturing and supports almost as many jobs as the mining sector. This is according to new research from the World Travel & Tourism Council (WTTC) sponsored by American Express, released today during a speech by WTTC's President & CEO, David Scowsill, at the 'International Tourism Industry Expo' in Guangdong, China. Continue reading