On November 25, 2009, China’s State Council approved Guidelines to Accelerate the Development of the Tourism Industry (“Tourism Guidelines”), which will foster development of the tourism industry and make it a strategic pillar of the national economy. According to the Tourism Guidelines, more effort will be made to improve tourism infrastructure and enhance training of personnel in the industry. The government will also encourage investment in the sector from private firms and other types of enterprises.
“Approval of the Tourism Guidelines mark the first time that tourism is defined by the central government as a strategic pillar industry for the national economy. At the ongoing Central Economic Working Conference, promoting domestic demand and development of the service sector is a major area of emphasis in 2010. We anticipate a more friendly investment environment in the tourism industry, which is a key segment in China’s service sector,” commented Dr. Minhua Chen, chairman and CEO of China Yida.
“Our extensive experience building and maintaining world-class destinations puts us in a strong position to benefit from these policies. We will continue to evaluate opportunities to acquire additional management rights for tourist destinations in other provinces to accelerate our profitable growth in future,” Dr. Chen added.
A prime example of the country’s movement to support tourism can be found 30 kilometers from Fuzhou, where the Yunding national park will be a tourist destination that will include Colorful Rock Valley, Yunding Paradise, Yunding Waterfall, South Heavenly Mountain, and Seven Star Lake.
All of the groundwork construction has been completed and residual work is progressing according to plan. The entire project is expected to be completed and the grand opening is expected to occur during the second quarter of 2010. China Yida Holding Company has obtained exclusive rights to develop and manage this tourism destination until 2048. Once operational, China Yida will generate revenue from entrance fees, cable cars, and other attractions.