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| Hospitality Industry Sales to Hit One Trillion Yuan |
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The Ministry of Commerce predicted that China's hospitality industry sales will hit 1.07 trillion yuan (US$125 billion) this year. The latest data published by the ministry on Thursday showed robust growth over the first nine months, with retail sales reaching 749.3 billion yuan, up 102 billion yuan on the same period a year ago. Hospitality retail sales accounted for 13.6 percent of the country's total consumer retail sales from January to September, said ministry spokesman Chong Quan. He said the industry contributed to 15.6 percent growth in the nation's consumer retail sales in the third quarter. During the nine-month period, 804 new overseas-invested hospitality enterprises were created, down 6.2 percent. US$550 million of foreign funds were consumed, a rise of 38 percent. (Xinhua News Agency November 4, 2006) |
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