China's domestic corporate travel market has restored only 20%-30% of its normal scale so far, according to Jiqin Fang, CEO of Trip.com Group's business travel unit Ctrip Corporate Travel.
Mr. Fang said the Chinese business travel market declined 90% in the wake of COVID-19, but the sector has gradually returned to business since March.
For the time being, Ctrip Corporate Travel will switch its focus to the domestic market and expand domestic demand. Mr. Fang said that the pandemic will accelerate phase-out of some small TMCs but the innovative players will survive and further transform market priority from price wars to quality competition.
Mr. Fang pointed out that the country still has great potential for business travel management.
China had a business travel market worth of RMB 2.8 trillion (USD 394 billion) in 2019, but only 10% of the businesses were served by professional corporate management companies. In comparison, 40% of the international enterprises were served by TMCs. (Translated by Jerry)