China to increase tourism investment by 20% per year

BEIJING - China will increase its tourism direct investment by 20 percent year on year on average, authorities announced on Wednesday.

By 2020, the country's tourism investment will total 2 trillion yuan ($290 billion), according to a notice jointly issued by the National Development and Reform Commission and the China National Tourism Administration.

At that time, tourism is expected to account for more than 10 percent of the national GDP and the industry will employ up to 50 million people, the notice said.

The tourism industry has huge market potential, but its infrastructure and public service need improvement, the notice said.

Tourism has become a strong engine for economic growth. The sector contributed 10.8 percent of GDP in 2015 and created 10.2 percent of new jobs, according to official data.

In the first half of this year, China's tourism industry raked in 2.25 trillion yuan in revenue, up 12.4 percent year on year.