Hotel Industry in China Essay
Global activity strengthened during the second half of 2013, as anticipated in the October 2013 World Economic Outlook (WEO). Activity is expected to improve further in 2014–15, largely on account of recovery in the advanced economies. Global growth is now projected to be slightly higher in 2014 at around 3.7 percent, rising to 3.9 percent in 2015, a broadly unchanged outlook from the October 2013 WEO. But downward revisions to growth forecasts in some economies highlight continued fragilities, and downside risks remain.
General Facts about Chinese Economy:
China's GDP grew 10.0% in 2003, 10.1%, in 2004, and even faster 10.4% in 2005 despite attempts by the government to cool the economy. Chinese …show more content…
Hotel Industry in China:
China’s gross domestic product might have softened last year, but hoteliers’ optimism for the emergent market has scarcely waned. And with early indictors suggesting a faster year-on-year pace of growth for the first quarter (8.1%) compared to the fourth quarter’s 13-year low of 7.8%, the outlook for the country’s hotel sector is looking brighter than ever. There’s literally more new economic growth in China today than anywhere else on the planet. And in the end what drives growth in the hotel business, what drives the expansion of our footprint is business activity, the number of people and the availability of capital. China has all three of those in a way that is literally unprecedented. For hotel industry, infrastructure development is one of the biggest drivers.
China’s hotel market has grown rapidly in recent years, and future growth prospects also look good, but there is also rising competition in the market. While the number of Chinese people travelling for work and leisure has increased, driving the dramatic increase in new hotel openings, hotel chains now face catering to the needs of an increasingly diverse range of travel needs and differentiation among hotel users.
In the five years through 2014, the Hotel industry in China has