China will spend $4.6 billion on its Chinese events in the 2018 calendar year, a move that will likely prompt the industry to increase the pace of its expansion, a major foreign media outlet said on Tuesday.
Chinese companies will spend around $2 billion in 2018 on events in Beijing and Shanghai, while Beijing will spend more than $2 million on events there, according to the China Tourism Corporation, the state-run entity that manages travel, accommodation and food in the country.
Tourism will become a more prominent focus in the year ahead as the country attempts to push ahead with ambitious plans to transform itself into a world-class tourist destination.
China will invest $1.2 billion over the next three years to boost its tourism sector, according a draft report from the government-run China Tourism Office, a key government body.
It aims to increase hotel occupancy by 15 percent and tourist arrivals by 20 percent, according the report.