Dreaming with BRICs - the story of Chinese tourists

While Goldman Sachs is thinking when China will replace United States as the largest economy (in the report Dreaming with the BRICs ), CLSA's report is more optimistic about Chinese tourists venturing outside China.

China outbound tourism industry ready to boom - China to become world’s largest supplier of tourists by 2020

According to a new report released by leading brokerage house CLSA Asia-Pacific Markets, China will become the largest source of outbound tourists by 2020 at 115m. Despite using a more conservative methodology CLSA’s estimate exceeds the well documented World Tourism Organisation (WTO) estimate of 100m by 2020. China is working from a low base with annual outbound departures as a percentage of the population at approximately 2% which compares to 15% for Japan, 35% for Taiwan, 25% for US and over 100% for the UK. Stripping out travel to Hong Kong and Macau, which represents around 70% of the total, and considering that only 4% of China’s urban population has traveled overseas, CLSA expects huge growth potential in the country’s outbound tourism.