China's business travel market has huge potential for growth: report
BEIJING, June 10 (Xinhua) -- China's stable economic growth is fueling rapid expansion of its business travel market, creating opportunities for international companies, a report showed.
More than half of travelers and managers surveyed by AirPlus expected business trips to rise in 2018, well above the global average, the report showed.
"The potential for growth in China is tremendous," said Wu Kejian, managing director of AirPlus's China operations.
According to Wu, government-led initiatives such as opening-up policies and the Belt and Road Initiative created demand for international travel management, where AirPlus has a competitive edge.
In the years to come, Wu expects more increases from domestic clients as they become more involved in global business.
Wu said that as China's market was still largely untapped, it would likely become the company's largest market outside Germany in 10 years.
At the same time, reforms of state-owned enterprises called for more efficient cost management, which brought the company many such clients.
In 2017, AirPlus saw its sales in China surge 20 percent year-on-year to 8.8 billion yuan (1.37 billion U.S. dollars). Currently, China is the company's third largest overseas market.
The company allows businesses to pay for employee travel expenses using a centralized corporate account, reducing paperwork and creating cost efficiencies.
About 52 percent of business travel managers surveyed by the German travel payment company AirPlus International are optimistic that China's economic activity will drive growth of the business travel market, more than anywhere else in the world.