China expects investment surge in tourism sector

NANCHANG - China's tourism industry will play a growing role in the country's economic growth, with direct investment in the sector expected to hit three trillion yuan ($490 billion) in the coming three years, according to a tourism official.

Li Jinzao, head of the National Tourism Administration, predicted that the 3-trillion-yuan investment would attract additional investment projects worth 15 trillion yuan during the period.

"China's tourism will play an increasingly important role in boosting investment, consumption and exports," Li said at a national tourism work conference held last week in Nanchang city in East China's Jiangxi province.

"Tourism is not just about consumption. Investment is also an important contributor to growth, and the tourism sector has a large demand for investment," Li said.

Official data showed that direct investment in the tourism industry reached 650 billion yuan in 2014, up 22 percent year on year.

The growth rate for tourism investment surpassed the general investment growth rate for the tertiary industry by 5 percentage points.

Li predicted that rural tourism, small townships, large scenic spots, holiday resorts, and online business would be among the key areas for investment during the next three years.