Japanese Minister of Finance says China has overtaken Japan as the world’s leader in foreign reserves at $853.7 billion (US).
Housing fund account holders will soon be eligible for bigger mortgages
Travel agents of over 500 agencies from around the world attended a big exhibition and convention in Shanghai; more than 30 million Chinese have traveled overseas.
Red-eye airline flights are back after a 4 year absence
Shanghai has more than 8,000 exhibition companies and 7 large exhibition venues; the Sino-Italy Research Center of the Exhibition& Convention Industry helps prepare for the 2010 Shanghai World Expo, when an estimated 17 million visitors are expected to attend.
The 2006 Travel Risk Forum heard that travel insurance is becoming a greater concern for travelers. Only 1% of Chinese travelers buy insurance, compared to 98% of Western travelers. The travel insurance industry is young and needs to learn how to repackage its products to be more attractive to Chinese consumers. Traditionally, the Chinese do not like to buy insurance since they view it as placing a“curse” on their travel plans. Also, they over-value the coverage included in their travel package purchased from the travel agent, although this insurance is very limited. To change this trend, with each package sold, travel agents now remind their customers to buy separate insurance. One key to increasing insurance purchasing is to offer a comprehensive range of products such as lost luggage compensation, traditional Chinese medicine coverage, and global rescue. Read the complete story on this emerging market.
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