China Power gains Olympian boost

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News that China has been granted the 2008 Olympic Games is another boost for the country's rocketing tourism and travel sector.

The International Olympic Committee awarded the Games to Beijing ahead of stiff competition. The news caused waves of celebrations in China which had been bitterly disappointed by its failure to secure the 2000 Olympics, which were awarded to Sydney.

The decision is particularly important for China Power Duty Free Group, the joint venture recently created between China Duty Free and King Power Group, which controls most of the Chinese travel-retail market. International tourist arrivals to China in 2000 were 31.2m, an increase of nearly 16% on 1999. Outbound tourism reached 9.2m, up from 8.2m a year earlier. These numbers are set to rocket over the next five years and the huge international exposure guaranteed by the Olympics will accelerate tourism infrastructure development and interest in the country. Retail is certain to be a major beneficiary.