China Aims to Invest $290 Billion Into Tourism Industry by 2020

(Source: Travel Pulse)

On Wednesday, Chinese government officials announced that the country would invest two trillion Yuan ($290 billion) into the tourism industry by 2020 thanks to more private investments.

According to Reuters, China understands that the tourism industry in the country needs to be revamped, and the National Development and Reform Commission announced plans to initiate several tourism projects and increase private investment in tourism.

The new guidelines were put in place by the National Development and Reform Commission and the China National Tourism Administration after the Chinese government ordered a major overhaul of the tourism industry in the country.

The long-term goal for China would be to increase the money made by the tourism industry to seven trillion Yuan ($1 trillion) by 2020. In that case, tourism would account for more than 10 percent of annual economic growth.

In addition to the financial growth, the tourism industry is expected to employ 50 million people by 2020. The increase in tourism jobs would account for more than 10 percent of total employment in China.