Access of Foreign-invested Travel Agencies Lowered to RMB 2.5M
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| 6/27/2005 10:27:58 Beijing Daily News |
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The National Tourism Administration has recently issued the revised ¡°Interim Regulations for Establishment of Foreign Holding and Solely Foreign-owned Enterprises¡±. Compared with the previous regulations, the statutory registered capital by foreign-invested travel agencies has been lowered from RMB 4m to RMB 2.5m. Personnel from the National Tourism Administration believed that the revised ¡°Interim Regulations¡± would further promote the development of large-scale foreign tourism groups in China.
Furthermore, establishment of foreign holding travel agencies or solely foreign-owned travel agencies will no longer be subject to the restriction that ¡°the scope of travel is limited only to national tourist resorts approved by the State Council, as well as the five cities of Beijing, Shanghai, Guangzhou, Shenzhen and Xi-an¡±, which restriction has been removed nearly 3 years in advance as compared with China¡¯s commitments upon her accession to the WTO.
As disclosed by the National Tourism Administration, total of 5 solely foreign-owned travel agencies and 5 foreign holding travel agencies have been established in cities such as Beijing, Shanghai and national tourist resorts approved by the State Council since promulgation of the¡± Interim Regulations for Establishment of Foreign Holding and Solely Foreign-owned Enterprises¡± on June 12 of 2003. Professional believe that, after China fully opens its tourist market, China¡¯s exhibition and business travel, which boasts annual direct income of RMB 4b at the growth of 20%, will be a market of the fiercest competition for foreign-invested travel agencies and domestic travel agencies.
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