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China poised to surpass US in business travel

1 min reading time

Published on 23/05/12 - Updated on 17/03/22

China, currently ranked second in the business travel market, is forecast to surpass the United States as early as 2015, according the Global Business Travel Association (GBTA).

Business travel spending in China will increase 17% in 2012, GBTA predicted, and 21% in 2013, to US$202 billion and US$245 billion, respectively.Other highlights include:

- China’s surge in business travel expansion is in step with increasing manufacturing output, trade growth, job gains, business formations and infrastructure investment.
- Business travel has evolved into a key contributor and benefactor of the Chinese economic growth, showing strong correlations with economic indicators like GDP growth, retail sales, job growth, exports, profits and sales.
- Growth in international outbound travel spending in China is expected to be particularly strong, rising by 27% in 2013.
- Real GDP in China is forecast to increase by 8.2% and 8.9% in 2012 and 2013, respectively.

“We forecast significant increases in business travel by Chinese citizens over the next two years, with at least two-thirds of the growth being real increases in trips and spending as opposed to rising travel prices. This should also be accompanied by GDP growth rates of 8% to 9% a year,” said Michael McCormick, executive director and COO of GBTA.

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