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Sky-high investment goal set at int'l tourism summit

By Zhao Yanrong (China Daily)
Updated: 2010-05-26 07:55

Three foreign tourists take photos on Tian'anmen square on Tuesday.  WANG JING / CHINA DAILY

Building a Broadway theater in Beijing might no longer be a dream if the municipal government successfully reaches its investment target of 55 billion yuan set at a tourism summit Tuesday.

The target was announced by The Project Promotion Conference on Beijing Tourism Industry at The Global Travel and Tourism Summit, held from Tuesday to Thursday.

The promotion conference hopes the money could be raised by both China and abroad, to be used in 30 tourist projects that include a Broadway theater in Haidian district, an international polo center in Yanqing county, and a spa club with an internationally accredited golf course in Fangshan district.

According to Jean-Claude Banmgaten, a speaker at the summit and chairman of the World Travel and Tourism Council, the 55 billion yuan might not be enough for the development of all of Beijing's tourist industry.

According to a press release from the summit organizers, GDP for the global travel and tourism economy dropped almost 5 percent in 2009. Investment into the industry also dropped 12 percent, as a combined result of the financial crisis, which began in 2008, and the fear brought by H1N1 flu last year.

However, Banmgaten was not put off by the previously slow situation.

"This market will grow 6 to 7 percent every year," he told METRO.

He estimated that over the next decade, as many as hundreds of millions of Chinese will venture overseas with at least 100 million foreigners entering China. He also said 1.7 billion trips will be made by Chinese at homehroughout their homeland.

"What could be a worry is that there is not enough investment," he said, in response to whether 55 billion yuan was a reasonable expectation.

According to the municipal tourism administration, Beijing hosted 167 million tourists in 2009, up 14.5 percent compared to 2008. The total tourism income was 244.32 billion yuan, which is also a 10 percent increase from the year before.

"Beijing is a potential market with a high speed of development. I am sure there will be many investors from home and abroad interested in the tourism market," said Cao Yongpeng, deputy director of Beijing municipal tourism administration.

Cao told METRO that Beijing would develop from a regular tourist destination into a high-end tourism market over the next decade.

Wu Hui, who brought the Broadway theater project to Tuesday's conference, was optimistic about attracting foreign investment.

"Foreign investors are very familiar with, and interested in, the items of our program," said Wu, design director of the Shi Boo Investment Holding Co Ltd.

Wu said his team had made a good first connection with international investors during their one-hour exhibition at the conference.

In addition to the Broadway theater, Wu also proposed two deluxe hotels and a pair of exclusive shopping malls, asking for a total investment of 4.3 billion yuan.

The China Travel Service (Hong Kong) Investment Ltd has already invested in 10 tourist programs in Beijing, but still plans to provide up to 15 billion yuan to the "Changyang Peninsula Hot Spring Leisure Resort" project in Fangshan district.

"Nothing could stop the public's desire to relax and get entertained in Beijing. As long as the right development strategy is used, there will be investment in the capital," said Li Yanzhong, director and general manager of the investment company.