Just last year China became the country with the largest business travel expenditure in the world, surpassing the USA, but despite 75% of China's business travel spend being domestic, Chinese businesses are increasingly expanding into the global market, which will inevitably result in future international business travel.
The CITS American Express Global Business Travel 2017 China Business Travel Survey results are out and the survey has revealed that 31% of Chinese companies expect travel budgets to rise over the next twelve months, a figure that is up from just 17% when asked the same question in 2016.
Just last year China became the country with the largest business travel expenditure in the world, surpassing the USA, but despite 75% of China's business travel spend being domestic, Chinese businesses are increasingly expanding into the global market, which will inevitably result in future international business travel.
China's Belt and Road Initiative (a Chinese-led development strategy designed to strengthen economic relations across East Asia, Europe, Africa and the Middle East and to deliver infrastructure such as roads, railways, telecommunications, energy pipelines, and ports, to over 60 countries) is one example of a major investment project that could benefit Chinese organizations with an international travel program (43% of companies), as well as those with a regional program (21% of companies).
Results released during the thirteenth annual China Business Travel Forum (CBTF) show that 40% of organizations have reported plans to expand budgets because of opportunities presented by the Belt and Road initiative.
"The results of this year's China Business Travel Barometer are hugely positive, and a strong indication of the opportunities Chinese organisations are recognizing both domestically but also in the global economy," said Kevin Tan, Vice President of CITS American Express Global Business Travel.