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bussiness - Essay Example
According to the report of Ernst and Young, a highly reputed business advisory firm, the global hospitality industry remains as one the leading profit generators not only for private but also for public entities as well. Providing leisure, entertainment and accommodation remains a lucrative investment with outlook remaining positive according to the latest hospitality industry trends…
According to the China National Tourism Office (2007b), statistics show that China has one of the biggest inbound markets in Asia constituting almost 34 % of theregion's total tourist arrivals. Over the next decade, China will become the second largest travel and tourism industry inthe world, after the United States. The China tourism sector is expected to further improve as it continues to receive renewed support with relaxation of government regulation (CNTOa, 2007). China's emerging market is now seeing rapid developments as major international hotel companies are pushing to establish strong footholds in the region. Many top of the line hotel chains are already being constructed in preparation for the Beijing Olympics in 2008. (Zhang et al, 2005).
Major foreign investments are pouring in every sector aside from tourism contributing to higher government revenues that provides further initiative and funds to develop and promote the rich cultural heritage of the country. China can now afford to set and meet higher standards in accommodation and other support systems. Indeed, it has developed from offering substandard services to one that is truly remarkable.
The aim of this paper is to analyze the developments in hospitality industry in China ...