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The China National Tourism Administration on Friday approved the establishment in Beijing of the Jalpak International Company, the first foreign-financed travel agency in China.
With some five million yuan (US$0.6 million) in registered capital, the company is expected to open by the end of the year. Its main business activity will be organizing Japanese tourist delegations to visit China.
The introduction of a foreign-financed travel agency into the market is beneficial for China's tourism industry. Jalpak will cooperate with Chinese travel agencies through improving services and stimulating the market, said Kaji Akihiko, president of Jalpak.
China has authorized foreign investors to apply to establish foreign-financed travel agencies beginning on July 12, marking a new phase in the tourism industry in line with its World Trade Organization (WTO) membership.
(Xinhua News Agency July 20, 2003)
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