China business travel leads recovery

The findings of two international surveys commissioned by American Express indicate that clients expect China will lead business travel recovery. Further, investment by global companies and local companies in China should increase over the next 12 months. The results of the company’s survey came during the the fifth annual American Express China Business Travel Forum (CBTF) held in Shanghai. 

68% of respondents anticipate that China’s economic prospects would be better than those of the United States.
89% of companies surveyed expect their companies to invest in China over the next twelve months.
46% stated that China would be a top priority for international expansion in the short term. 
Respondents expect China as being the first country to emerge from the current economic cycle.
72% of firms expect to invest in China over the next twelve months. 
60% of Chinese organizations surveyed have already started to hire staff or intend to finish hiring additional staff by the fourth quarter of 2009. 
50% of respondents said that their company will decrease travel spending over the next year by more than 10%. 

Meetings and events are reported as seeing the brunt of cutbacks with the survey stating more than 70% of companies have an opportunity to better control spending on meetings and events, a far larger percentage than those who felt they could cut back on air or hotel to control their costs.