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Chinese money flows into US travel industry

2013-06-08 16:59 CNTV     Web Editor: yaolan comment

California - the state known for its sun, sea and now its savvy ways to lure investors. The state is working to attract visitors from Asia and China in particular - hoping to cash in on the region's middle class travelers with money to spend.

The state of California, as well as the city of LA, are pulling out all the stops to woo Chinese travelers to California. The question is why.

And when it comes to visitors from the far east - their preferred destination is America's west - particularly for the Chinese.

Half a million Chinese travel to California annually, projected to be a million by 2015.

Ed Fuller, commissioner in California travel industry, said, "We know the Chinese traveler today is a voracious traveler. They are the highest spending traveler. The state of California has benefited from that we get about 47% to 48% of the Chinese travelers that come to the United states."

And those travelers like Chen Guoquan.

Chen Guoquan, Beijing resident, said, "We Chinese buy mainly luxury items when we come here."

have tremendous purchasing power spending 1.5 billion in 2011, according to the California chamber of commerce.

Ed Fuller said, "Now keep in mind the value of the Chinese RMB is well positioned over the American dollar. The Chinese visitor gets an immediate discount when they step off that plane and the Chinese do like to shop."

And just as critical as dollars earned from Chinese travellers is Chinese trade and investment, China remains the largest interantonal trade partner for LA, representing nearly 40% of its total trade here. The LA Mayor's office estimates trade with China generated $35 billion in economic impact here - almost 5% of the local LA economy.

Precisely why LA's mayor encouraged Chinese leaders and businesses in Beijing to use The Port of LA and Los International Airport for all their shipping needs because in the end it's all about imports: importing Chinese investment, trade and tourism.


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