According to the American Express Business Travel's second survey of corporate travel management service in China, the country will become the world's third-largest market for corporate travel within five years. The survey shows that the spending on international business travel by China approximates US$4.2 billion a year, which is 17 percent of the Asian market for business travel. This figure, in addition to the spending on the domestic business travel in China, adds up to almost US$20 billion.
The healthy growth of China's GDP is likely to secure a two-digit rise in China's business travel market in a few years. It is estimated that by the year 2020, the number of Chinese business travelers will be five times as many as that at present. International travel service providers and global giants such as American Express, Kar Shun Travel, and Rosenbluth have noticed the potential of China market for business travel and have made inroads into China.
The Barometer was conducted by Research International from May to August 2007, interviewing 230 Chinese and foreign companies with 100 and more employees in six key industries in Shanghai, Beijing and Guangzhou. Findings of The Barometer provided organizations, vendors and suppliers with the latest information of the T&E management practices and outlook of the market for 2008 in China.