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"The largest industry in the modern world is not cars, nor petroleum, but tourism," Ding Xiangyang, vice mayor of Beijing, told the conference.
By the early 1990s, tourism already accounted for more than 10 percent of global world GDP and last year China's state council identified tourism as a strategic sector of the national economy.
"Obviously travel and tourism are closely linked to economic development," said Jean-Claude Baumgarten, president of the World Travel and Tourism Council (WTTC).
As one of the world's top four emerging markets along with Brazil, Russia and India, China has become a focus for global investors, and its tourism industry is entering a golden age of development.
According to WTTC Chairman Geoffrey Kent, China's announcement of elevating the sector to a national priority will strengthen the voice of the industry.
Tourism in the past was seen as a fragile industry easily damaged by shocks such as the 2003 SARS outbreak and the 2008 financial crisis. But Shao said that "tourism has great resilience and is recovering more quickly than other industries."
"We are formulating laws and policies related to tourism and travel to improve our market economy system and relax control over entry to tourism market," Shao added.
Investment institutions are also turning their attention to the industry. Rothschild has a special department in charge of investment in tourism and hospitality. "I have noticed deal sizes are getting bigger and bigger, along with strong support from Chinese government," said Jennifer Yu, managing director of Rothschild, Greater China.
Global hotel chains are taking aim at the China market. According to Andrew Cosslett, CEO of InterContinental Hotels Group, the group will have a total of 30 hotels in Beijing by the end of this year.
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