Overseas Investors Allowed to Set up Travel Agencies in China

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Last updated at: (Beijing Time) Tuesday, June 17, 2003

Overseas Investors Allowed to Set up Travel Agencies in China

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China has authorized overseas investors to set up travel agencies with their own capital and to hold majority shares of Sino-foreign travel service operations at national tourist sites and in Beijing, Shanghai, Guangzhou, Shenzhen and Xi'an, according to the latest release of government regulations.

These regulations governing overseas investment in the domestic travel agency business were jointly issued by the National Tourism Administration and the Ministry of Commerce.

Overseas investors in tourism joint ventures have to meet the requirements: those engaged mainly in travel services; those with an annual sales of above 40 million US dollars; those being a member of a local tourism association, and those with a good international reputation and advanced management experience in tourism.

Annual sales of 500 million US dollars is required of those wishing to set up a fully foreign-funded travel agency, according to the regulations.

Zhang Jianzhong, an official with the National Tourism Administration, said that its WTO commitments, China will gradually allow more overseas investors access to joint travel agency businesses.

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