China's outbound tourism industry is expected to see slower but steady growth in the next five years.
Visits by Chinese outbound tourists are forecast to reach 150 million in 2020 from 117 million in 2015, with an average annual growth rate of 5.09%, according to the China National Tourism Administration.
The administration released its 13th Five-Year Plan (2016-2020) on December 27, which projected that domestic visits by Chinese tourists in 2020 would reach 6.4 billion; inbound visits would also reach 150 million; and the total revenue of the tourism industry would soar to RMB 7 trillion yuan (USD 1 trillion).
Peng Decheng, director of planning and finance for the tourism administration, said that foreign exchange income for tourism in 2015 reached USD 113.65 billion, nearly double the USD 58 billion goal.
China's outbound tourism has seen explosive growth since 1998, when the annual growth rate of outbound visits surpassed 40%.
From 2010 to 2012, it maintained growth of 18%-22%. Since 2013, China has continued to make rapid strides in trips and overseas consumption, but with a slower growth rate.
Li Baiwen, a professor of tourism at Beijing Union University, noted that the explosive growth of more than 40% seen in the outbound market right after 1998 is unlikely amid depreciation of the yuan, increased fears of terrorism and concerns about contagious illnesses, though those factors could contribute to China's inbound tourism.
Read original article