Local tourism industry to diversify
31/3/2004 17:31
Tourism firms in Shanghai this year will transfer from state
monopolies to a diversified ownership, with more than 85 percent of tourism
companies expected to have mixed ownership, according to a local tourism work
conference yesterday.
To date, half the local hotels are wholly state-owned,
and when you add those where the state holds controlling interest, the total
state ownership of the assets in the hotel industry is 70 percent.
Forty
percent of the assets in local travel agencies are state-owned.
The hotel and
travel agency industry in the city is competitive, so it is desirable for hotel
and tourism firms to have diversified ownership, said an industry analyst.
The Jinjiang International (Group) Co Ltd is currently seeking overseas
investment, and other small and mid-sized tourism firms are seeking cooperation
with private companies.
Shanghai expects more than 3.5 million overseas
tourists this year, with Forex tourism revenues reaching US$2.6 billion; as
well, there will be nearly 95 million domestic travelers with domestic tourism
revenues reaching more than 110 billion yuan.
Total tourism revenues are
expected to top 130 billion yuan this year, with added values in the tourism
industry accounting for nearly 6.3 percent of local GDP.
Wendy Zhang/ Shanghai Daily news
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