China will soon be the world's top business travel market
July 29, 2013
Published on Jul 29, 2014
By Sophia Yan
Hong Kong (CNNMoney)
China is the world's hottest market for business travelers, and spending in the country could surpass the U.S. as soon as 2015, according to a new report.
Business travel spending in China hit $225 billion last year -- or 23% of the $1.1 trillion global total. That's second only to the U.S., where spending reached $274 billion, a report from the Global Business Travel Association said.
The pace of business travel growth in China is remarkable. Since 2000, spending has expanded by about 16% each year on average, compared to 1% in the U.S.
"Despite stronger growth, the U.S. continues to lose with China, which is poised to take over as the #1 business travel market in the world by 2016," the report said.
For decades, the Chinese economy experienced double-digit growth -- an expansion that has been reflected in the country's business travel industry.
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