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China allows outbound tourism business for foreign-funded travel agencies

The State Council will allow qualified foreign-funded travel agencies established in Shanghai and Chongqing to engage in outbound tourism business except in Taiwan. During the National Day holiday, China's tourism industry recorded a 26.2% fall in revenue and an 18.2% decrease in the number of tourists from one year ago, as scattered infections still kept most residents at home. China's services activity in September contracted for the first time in four months as Covid-19 restrictions dented the already fragile demand and dimmed business confidence. The Caixin services purchasing managers' index fell to 49.3 from 55.0 in August as Covid containment measures disrupted supply and demand and restricted national travel. China has pledged to further relax rules to facilitate foreign investment and will allow foreign companies to invest in travel agencies in cities like Shanghai and Chongqing.

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