ALEXANDRIA, Va — China is forecast to remain on track to become the largest business travel market, according to a report released by the Virginia-based Global Business Travel Association.
“Although economic growth has been moderated by ongoing global uncertainty, the Chinese economy is regaining its momentum,” said Welf J. Ebeling, VP of Operations, GBTA Asia. “A range of government policy initiatives, which began last year, should deliver improved economic performance in 2013 and 2014. As a result, we are confident that stronger domestic demand will spur renewed growth in business travel spending. At the forecasted growth rates, China is likely to become the largest business travel market in the world as early as 2015.”
The report forecasts that China’s GDP will increase by 8.3 per cent in 2013, with growth predicted to be just below nine per cent in 2014. What’s more, GBTA highlighted that China’s total business travel spending increased by an average 15.5 per cent per year from 2000 to 2012, while business travel spending is forecast to increase by 15.1 per cent in 2013 to US$226 billion.