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China Tourism Industry Description:

China's tourism industry is one of the fastest-growing industries in the national economy and is also one of the industries with a very distinct global competitive edge. The total revenue of China's tourism industry reached USD 67.3 billion in 2002, accounting for 5.44% of the GDP. It dropped, largely due to SARS, to USD 59 billion in 2003. Nevertheless, for areas rich in tourism resources, tourism has become the main source of tax revenue and the key industry for economic development. Inbound Market: The total number of inbound tourists was 91.66 million in 2003, and that of tourists staying overnight was 32.7 million, about 10 times of the number in 1980. International tourism receipts were USD 17.4 billion in 2003. China's ranking for both the overnight tourist arrivals and tourism receipts were among the world's top five in 2003. However, there is unlikely to be a big increase in the inbound tourism market. Domestic Market: China's domestic tourism market makes up more than 90% of the country's tourism traffic, and contributes more than 70% of total tourism revenue. In 2002, domestic tourists reached 878 million and tourism revenue was USD 46.9 billion. The five-days-per-week and long vacation schemes have increased leisure time for the Chinese people and spurred market demand in domestic tourism and led to its prosperity. Outbound Market: A large middle class population with strong consumption power is emerging in China, especially in major cities. China's outbound tourists reached 20.22 million in 2003, overtaking Japan for the first time. Currently there are 65 countries/areas open to Chinese tour groups. Putting aside the threat of Sars and other unexpected events, based on the current economic growth situation and the social development of China, China's outbound tourism is poised to achieve a new growth peak. Hotel: Driven by the flourishing tourism industry, China's tourist hotel sector is expanding rapidly. At the end of 2003, China had a total of 10,093 tourist hotels and more than 820,000 rooms. 773 of these tourist hotels were foreign-funded. The number of foreign-funded (inclusive of Hong Kong, Macau and Taiwan investments) four- and five-star tourist hotels made up 26% and 30.02% of the national total, respectively. Travel Agencies: In 2003, there were a total of 11,522 travel agencies in China, among which, 1,349 were international ones and 10,203 were domestic ones. While overall tourism market concentration rose, there was a drop in the market position of the traditional three key travel agencies. As competition heightened, China's tourism industry on the whole, had begun to start earning low profits, even while it was expanding its scale of operations. Tourist Attractions: Currently, there are approximately 15,000 natural, cultural and man-made places of attraction which are above county level. Presently, Hong Kong investors are the main participants in the establishment of tourist attractions in China. In 2001, Sichuan became the first province to propose renting out the operation rights of 10 scenic areas to foreign investors. According to the plan by China National Tourism Administration, the number of inbound tourists, foreign exchange earnings from tourism and the domestic market size are targeted to have an annual growth of 4%, 8% and 8%, respectively, in the next five to ten years. It is also forecasted by the World Tourism Organization (WTO) that China's tourism industry will take up to 8.6% of world market share to become the world's top tourism industry by 2020.

Contents:

Executive Summary PART ONE INDUSTRY OVERVIEW Chapter 1 Introduction 1.1 Definition 1.2 Key characteristics 1.2.1 A rising industry 1.2.2 Close association with various industries

1.2.3 Culture and technology-intensive 1.2.4 Highly dependent on the external environment Chapter 2 Impact on national economy and related industries 2.1 Impact on national economy 2.1.1 Pillar industry 2.1.2 Economy booster 2.1.3 Huge employment market 2.1.4 Main source of foreign exchange earnings 2.1.5 Cultural and social propeller 2.2 Impact on tourism-related industries 2.2.1 Transportation 2.2.2 Finance 2.2.3 Insurance 2.2.4 Information services Chapter 3 The Legal System 3.1 The National People’s Congress 3.2 State Council 3.3 Local Congresses 3.4 The Interpretation of Laws Chapter 4 The Judicial System 4.1 People’s Courts 4.1.1 Final Appeal System 4.2 Civil procedures 4.3 Foreign-related civil actions Chapter 5 Arbitration and Enforcement of Arbitral Awards 5.1 Arbitration Law 5.2 Foreign Affairs Arbitration 5.3 New York Convention Chapter 6 Foreign Exchange Regulations 6.1 Control over foreign exchange 6.2 Floating exchange rate system 6.3 Remittance of foreign exchange earnings 6.4 Purchase of foreign exchange 6.5 Exchange transactions subject to approval 6.6 Inter-bank market Chapter 7 Taxation 7.1 Tax registration 7.2 Enterprise income tax 7.3 Value-added tax 7.4 Business tax 7.5 Tax on dividends Chapter 8 Environmental Protection Regulations 8.1 Guidelines 8.2 Implementation 8.3 Penalties 8.4 Registration Chapter 9 WTO Commitments 9.1 Hotels/Restaurants 9.1.1 Market access 9.1.2 Restrictions on human resources 9.2 Travel Agencies 9.2.1 Market access 9.2.2 Business scope 9.2.3 Limitations on joint and wholly foreign-owned travel agencies

Chapter 10 Regulating the Tourism Industry 10.1 Management structure 10.1.1 Structure reform 10.1.2 China National Tourism Administration 10.1.3 Tourism associations 10.1.4 Industry sectors 10.2 Main rules and regulations 10.3 Provisional stipulations for foreign investment 10.3.1 Hotels 10.3.2 Travel Agencies PART THREE MARKET ANALYSIS Chapter 11 Key Factors Affecting China’s Tourism Markets 11.1 Globalization and the World Economy 11.2 International political situation 11.3 China’s growing economy and the rising income of the Chinese 11.4 Accession to the World Trade Organization 11.5 Beijing 2008 Olympics 11.6 Development of Tourism Resources 11.7 Long holidays and “Golden Travel Weeks” 11.8 Government policies 11.9 Uncertain factors Chapter 12 Market Forecast 12.1 Relatively slower recovery for inbound tourism 12.2 Increasing market demand for domestic tourism 12.3 Outbound tourism poised to achieve new growth peak PART FOUR INVESTING IN CHINA TOURISM INDUSTRY Chapter 13 Investment Environment 13.1 Fundamental principles 13.2 Changes in the tourism industry 13.2.1 Governmental commitment to development of tourism 13.2.2 Opening-up of the tourism industry 13.2.3 Promotion of other service-related industries 13.2.4 Basic pattern of multi-investment established 13.2.5 Evolution of a new development period 13.3 Guiding investment directions 13.3.1 Realizing multi-development in the investment structure 13.3.2 Investment items to focus on joint development of international and local markets Chapter 14 State and Non-state Investment 14.1 State investment – treasury bonds 14.2 Non-state investment 14.2.1 Scale of non-state investment continues to expand 14.2.2 Private capital investment grows rapidly 14.2.3 Changing investment and financial formats 14.2.4 Obstacles to entry of non-state investment 14.2.5 Other existing problems Chapter 15 Utilization of Foreign Investments 15.1 Composition of sectors 15.2 Management of joint-venture hotels and key existing problems 15.2.1 Similar principles 15.2.2 Price war 15.2.3 Contradictions brought about by “Chinese Manager” 15.3 Management of joint-venture travel agencies and key existing problems 15.3.1 Differences in objectives of joint-venture partners 15.3.2 Poor business results 15.3.3 Capital operations yet to be on normal track 15.3.4 Imperfect local network

15.3.5 Business restrictions on travel agencies Chapter 16 Investment Prospects and Risks 16.1 General assessment of industry developmental potential 16.1.1 China set to become the most important tourism market in the world 16.1.2 Fluctuations expected in tourism growth rates 16.1.3 Pace of asset adjustment to increase 16.1.4 Sustainable development for future investment and development 16.2 Risks and uncertain factors in industry development 16.2.1 Macro risks and external uncertainties 16.2.2 Micro risks and uncertainties in industry development Chapter 17 Investment Trends and Opportunities 17.1 The rise of Western China as a key tourism investment hotspot 17.2 Non-state capital will become the core form of investment in the tourism industry 17.3 Different investment values in traditional sectors and product innovation 17.3.1 Development of scenic sites 17.3.2 Specialized products 17.3.3 Youth hostels and economical chain hotels 17.3.4 Facilities for self-arranged tours and agent services 17.3.5 Tourism landscape property PART FIVE LISTED COMPANIES IN THE TOURISM INDUSTRY Chapter 18 Analysis of Listed Companies 18.1 Overview 18.2 Aim and method of analysis 18.3 Key financial indicators 18.4 Results 18.5 Resource provider companies 18.6 Service provider companies 18.7 Integrated tourism companies Chapter 19 Resource Provider Companies Case Study: Zhangjiajie Tourism Development Co. Ltd. 19.1 Overview 19.2 Ownership structure 19.3 Management team 19.4 Competitive advantage and strategy 19.4.1 Advantage in resources 19.4.2 Advantage in branding 19.4.3 Advantage in operation system 19.5 Financial status 19.6 Capital management and likelihood of mergers and acquisitions Chapter 20 Service Provider Companies Case Study 1: Dong Fang Hotel (Tourist Hotel Sector) 20.1 Case Study 1: Dong Fang Hotel (Tourist Hotel Sector) 20.1.1 Overview 20.1.2 Ownership structure 20.1.3 Management team 20.1.4 Competitive advantage and strategy 20.1.5 Financial status 20.1.6 Capital management and likelihood of mergers and acquisitions Case Study 2: China CYTS Tours Holding Co. Ltd (Travel Agency Sector) 20.2 Case Study 2: China CYTS Tours Holding Co. Ltd (CYTS) (Travel Agency Sector) 20.2.1 Overview 20.2.2 Ownership structure 20.2.3 Management team 20.2.4 Competitive advantage and strategy 20.2.5 Financial status 20.2.6 Capital management and likelihood of mergers and acquisitions

Chapter 21 Integrated Tourism Companies Case Study: Beijing Capital Tourism Co. Ltd. 21.1 Overview 21.2 Ownership structure 21.3 Management team 21.4 Competitive advantage and strategy 21.4.1 Branding advantage 21.4.2 Geographical advantage 21.4.3 Market status 21.4.4 Integrated advantages 21.5 Financial status 21.6 Capital management and likelihood of mergers and acquisitions Part Six Analysis of Tourism Industry by Administrative Regions (General facts, main economic indicators of respective administrative region, listed tourism enterprises of the respective administrative region) APPENDIX Appendix 1 Top 100 China International Travel Service Companies, 2002 Appendix 2 Top 100 China Domestic Travel Service Companies, 2002 Appendix 3 China’s Star-rated Hotels Appendix 4 Major Chinese Airline Companies Appendix 5 Destination Countries/ Areas Approved for Self-funded Chinese Outbound Tourists Appendix 6 National Famous Historical and Cultural Cities in China Appendix 7 World Cultural and Natural Heritage Sites in China Appendix 8 Major National Scenic Spots of China Appendix 9 National Scenic Resorts of China Appendix 10 Official Foreign Tourism Organizations Appendix 11 Embassies in China

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