The Global Business Travel Association
("GBTA") announces the results of its inaugural GBTA BTI™ Outlook – China ,
sponsored by Visa Inc. The GBTA BTI™ Outlook – China includes the GBTA Business
Travel Index™ (GBTA BTI™).
The GBTA BTI™ provides a way to distill market
performance and the outlook for business travel into a single metric that can
be tracked over time.
The Global Business Travel Association
("GBTA"), the world’s premier business travel and corporate meetings
organization, announces the results of its inaugural GBTA BTI™ Outlook – China ,
sponsored by Visa Inc. The GBTA BTI™ Outlook – China includes the GBTA Business
Travel Index™ (GBTA BTI™). The GBTA BTI™ provides a way to distill market
performance and the outlook for business travel into a single metric that can
be tracked over time.
Highlights
Business travel spending in China is
forecast to increase by 17 percent in 2012 and 21 percent in 2013, to US$202
billion and US$245 billion respectively
Growth in international outbound travel spending
is expected to be particularly strong, rising by 27 percent in 2013
The Chinese investment in infrastructure is
vital as they must have the infrastructure in place to keep up with the explosion
in demand. As such, in the past 10 years, the 4 largest airports have doubled
in size and there are plans in place for over 100 new hotels in the next
decade:
Over the past ten years, China ’s four largest airports (Beijing
/ Shanghai-Pudong / Shanghai-Hongqiao and Guangzhou )
have doubled in size.
Plans are in place for approximately 100 new
airports in the next ten years.
Key contributors to 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.
Real GDP in China is forecast to increase by
8.2 percent and 8.9 percent in 2012 and 2013 respectively
The GBTA BTI™ will reach 340 by
the end of 2012 and 475 by the end of 2013. This represents an increase of
almost 41% in just two years" time.