If you listen to China skeptics, its economy is facing dark clouds and turbulence in the next few years with growth poised to slow. A business travel group today announced a survey that anticipates a markedly different future.
Business travel spending in China will grow by 17% to $202 billion this year and increase another 21% to $245 billion in 2013, according to the Global Business Travel Association.
Growth in manufacturing, trade, jobs, business formation and infrastructure investment will boost that expansion, it said.
China today ranks second in the world in business travel, but is forecast to surpass the US ?as early as? 2015, the association said. A press release didn?t provide forecasts for that year. It projected China GDP growth of 8.2% this year and 8.9% next year.
Last year, US business spending totaled $250 billion versus $182 billion for China, the association said.
Big growth in travel would likely benefit a number of publicly trade Chinese companies, including airlines such as Air China, booking agencies such as Ctrip and Elong, and hotel chains such as China Lodging.
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