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China targets $290 billion investment in tourism by 2020

Reuters
A tourist holds an umbrella as he stands in front of the Tiananmen Gate and a giant portrait of Chinese late Chairman Mao Zedong on a day of heavy rain in Beijing, China, July 20, 2016. REUTERS/Thomas Peter

BEIJING (Reuters) - China aims to invest 2 trillion yuan (229.23 billion pounds) in tourism by 2020, the country's state planner said on Wednesday.

The National Development and Reform Commission (NDRC) said China also aims for the total sum of tourism services purchased in the country to reach 7 trillion yuan by 2020.

The figures were in a joint release from the NDRC and the China National Tourism Administration.

China aims to have tourism contribute more than 10 percent of annual economic growth by 2020, the statement said.

The tourism industry is expected to employ 50 million people by 2020, which will account for more than 10 percent of total employment, it said.

(Reporting by Yawen Chen and Nicholas Heath; Editing by Richard Borsuk)