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Chinese International Travelers Increase - 4/11/16

Much concern has been expressed regarding prospects for Chinese economic growth.  Chinese growth rates have recently been at their lowest in roughly two decades.  Still, the Chinese economy expanded about seven percent last year, one of the best performances in the world. 

Over time, China’s economy has produced the world’s largest middle class, and many Chinese are using their new wealth to see the planet.  According to data supplied by the China National Tourist Office and the World Travel and Tourism Council, the number of Chinese tourists traveling internationally has more than doubled to 120 million people over the past five years. 

As reported by CNNMoney, that means that one in every ten international travelers comes from China.  Those Chinese tourists spent two hundred and fifteen billion dollars abroad last year, fifty three percent more than in twenty fourteen.

According to the World Travel and Tourism Council, Chinese families begin to travel abroad once their annual income hits $35,000.  Between 2003 and 2013, about 21 million households crossed that threshold.  Another 61 million households are expected to achieve that level of earnings by 2023.  

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.