The China Tourism Academy reports that total revenue in the country’s tourism industry is expected to grow 13% to hit a high of USD 205 billion in 2010 as the country rolls out favorable policies to back the industry.
In this regard, the forecast point towards 2.1 billion Chinese tourists taking domestic trips this year, up 12% from 2009 while the number of inbound trips by overseas tourists would reach 136 million, up 8% from a year earlier. On the other hand, the forecast for outbound trips is expected to advance 15% to 54 million. The Chinese government has indeed posted guidelines last December to promote the development of the tourism industry, vowing to lower market threshold and simplify approval procedures for tourism enterprises, and encourage local authorities to attract overseas investment, opening the domestic tourism market to foreign companies.
Industry insiders expect a boost in demand for outbound travel and overseas shopping with the continued appreciation of the Chinese Yuan against the American Dollar. Last April, the central parity rate of the Yuan versus the Dollar breached the psychological mark of 7 and has maintained its 6.98 standing for over a month. This translates to stronger purchasing power for Chinese travelers in the United States or in other countries and regions that peg their currency to the American Dollar. With the continual decline of the US dollar, analysts forecast the Chinese Yuan to appreciate further by at least 7% to 10%. 
