First Foreign-funded Travel Agency Approved
A Japanese firm has been approved as the first foreign-funded
travel agency allowed to set up operations in China.
The approved firm, Jalpak International Co., is capitalized
at 5 million yuan (US$600,000) and would focus on bringing
Japanese tour groups to China. The company is affiliated
wiht the Japan Airlines Group. Last year, it brought 25,000
Japanese tourists to China, and it hopes to raise that
number to 40,000 this year.
It plans to open for business in China by the end of
the year.
Under its obligations for joining the World Trade Organization
(WTO) in 2001, China has agreed to allow foreign competition
in all sectors.
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