By Tony Cripps
In Australia, Chinese tourist visits have increased by 110 per cent in the past four years and if we continue to attract the current share of visitors, and the more traditional tourism markets grow at their average rate, we anticipate that China will account for 1. 8m visitors to Australia by 2020, up from 720,000 last year.
However, the Chinese government is actively encouraging more consumers to spend. Consumption in China will account for 60 per cent of GDP by 2020; the equivalent of adding just under $1 trillion of consumer spending, even at today’s levels.
An HSBC Australia survey shows that a significant proportion of Australian SMEs are planning to expand into new countries or further grow their existing international operations in the next 12 months; with 49 per cent highlighting China as one of two top destinations for business activity and expansion.
HSBC forecasts rising demand within sectors such as food, tourism and education, among others, will provide real opportunities for Australian businesses, with figures showing a 25 per cent year-on-year increase of companies providing services to China.
Read more here: Business Spectator