[photopress:interiorgeneral.jpg,full,alignright]The extent to which hotels and restaurants affect the total economy is surprising. Perhaps astounding would be a better word.
Total sales of hotels and restaurants in China in the first 11 months of this year were RMB936.4 billion ($120 billion), a net increase of RMB130.5 billion or 16.2 percent over the same period of last year. This from statistics published by the Ministry of Commerce on Friday.
To get this into perspective China is a boom country. Yet the growth in hotel and restaurant sales was 2.6% higher than the growth of consumer goods in the same time period.
The turnover of hotels and restaurants accounted for an astonishing 13.6 percent of the total of the country and 5.8 % of the growth of sales of consumer goods in China.
For November the figure was RMB 90.6 billion which is up 17.7 percent year on year.
In the first 11 months 978 foreign-invested hotels and restaurants were opened and that figure was down about 10.5 percent year on year.