Shanghai Hosts First Travel Joint Venture

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Last updated at: (Beijing Time) Friday, September 05, 2003

Shanghai Hosts First Travel Joint Venture

Two giant travel companies in China and the United Kingdom announced on Wednesday a strategic partnership to explore the potential travel market in China.

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Two giant travel companies in China and the United Kingdom announced on Wednesday a strategic partnership to explore the potential travel market in China.

The Shanghai Jin Jiang International Group and the UK's Business Travel International have signed a contract of intent to jointly establish a new company to exploit the burgeoning travel market.

The new company, the first of its kind in Shanghai, will mainlyprovide services for those coming to China for business purposes. It will start operation in Beijing, Shanghai and Guangzhou on Jan.1, 2004.

Yu Minliang, board chairman of the Jin Jiang Group, called the cooperation a breakthrough that would help his company gain necessary management expertise and worldwide customer networks.

Statistics from the State Tourism Bureau indicate that those who come to China for business purposes contributed approximately 4.2 billion US dollars to China's economy last year and the amountwas likely to increase by 20 percent each year. Of the 2.72 million overseas travelers to Shanghai last year, 60 percent came for business purposes.

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