More than 450 domestic and overseas exhibitors and over 500 yachts are taking part in the 17th China (Shanghai) International Boat Show as companies are banking on Chinese consumers spending more on leisure activities.
"China's yacht industry is expected to grow an average of 30 percent in the next few years and will have an annual value of more than 200 billion yuan (US$320 million)," said Yang Xinfa, director general of the yachts and ships branch of the China Association of National Shipbuilding Industry.
He is optimistic of the prospects for the yacht industry as Chinese people's disposable income increases. But he pointed out that port infrastructure and lack of relevant laws and regulations are the challenges facing the development of the yacht industry in the country.
China has 28 yacht clubs and 1,200 to 1,500 vessels, said a report released by China Association of National Shipbuilding Industry yesterday.
The 38,000 square-meter show opened at the Shanghai World Expo Exhibition and Convention Center yesterday.
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