A Thomas Cook joint venture will soon start an outbound tourism business for Chinese tourists from Shanghai.
Registered in the Shanghai Free Trade Zone in 2015 by Thomas Cook Group and Fosun International, Thomas Cook China is one of the beneficiaries of fine-tuning to some laws and regulations in China’s FTZs to further opening-up and reform, Chinese news outlet Xinhuanet reported.
Eleven regulations including those on ship registration, urban rail transit and foreign investment are to be temporarily adjusted, according to a State Council decision.
One regulation specifically deals with foreign investment in tourism. Joint ventures registered in the zones are now allowed directly into outbound tourism for Chinese residents.
Previous regulations meant joint ventures had to work with local travel agencies on outbound tourism, but could apply for a their own license after two years.
Xu Bingbin, vice president of Fosun Tourism and Culture Group, said Thomas Cook China has various products for Chinese tourists, and since the change to regulations, revenue is expected to increase tenfold this year.
“The alteration of these laws and regulations will further the opening up of China’s free trade zones,” said Ren Yibiao, general manager of the National Base for International Culture Trade (Shanghai).