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Ministry of Finance: In 2014, Chinese Citizen Overseas Spending Exceeded 10 Trillion Yuan

During the Third Session of the National People’s Congress, Guangming Daily interviewed Gao Hucheng, China’s Commerce Minister. Gao disclosed that the number of overseas Chinese tourists has exceeded 100 million. In 2014, they spent over 10 trillion yuan (US$1.6 trillion) on overseas consumption. Gao attributes the growth in overseas consumption to higher domestic tariffs, higher distribution costs, and foreign commodities’ pricing strategy.

Source: Guangming Daily, March 7, 2015