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American Express, one of the largest tourism and transportation companies in the world, has signed a cooperative agreement with the China International Travel Agency recently to tap the Chinese tourism market.
According to the agreement, American Express will cooperate with 15 branches of the CITA to set up a tourism service network, covering 15 major tourism cities including Nanjing, Suzhou, Wuxi, Tianjin and Shenzhen.
Under the agreement, the 15 CITA branches are entitled to use the American Express service network in more than 140 countries and regions of the world. American Express will also help train tourism professionals from employees in the 15 branches.
According to China's commitment to the World Trade Organization,the country will open its tourism market gradually in the future. By the end of 2003, foreign investors will be allowed to take a majority share in joint ventures. By 2005, solely foreign-funded tourism agencies will be allowed to set up.
The US-based American Express has some 1,700 tourism agencies across the world.
(Xinhua News Agency November 4, 2003)
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