Chinese business travel is on the rise, as is confidence in China’s place in the global economy.

According to the CITS American Express Global Business Travel 2017 China Business Travel Survey, 31 per cent of Chinese companies expect travel budgets to rise over the next year. The trend reflects increasing business confidence, as only 17 per cent of survey respondents predicted budget increases when asked the same question last year.

Last year, China had the largest business travel expenditure in the world. While 75 per cent of spending is domestic, the industry looks outward. Forty per cent of organizations reported plans to expand budgets due to opportunities presented by the Belt and Road initiative, a development strategy focused on better connectivity and cooperation between Eurasian countries.

“The results of this year’s China Business Travel Barometer are hugely positive, and a strong indication of the opportunities Chinese organizations are recognizing both domestically but also in the global economy,” said Kevin Tan, vice president, CITS American Express Global Business Travel.

This year’s survey results highlighted the importance of business travel as a driver of revenue for many Chinese organizations, as 90 per cent reported increased client-facing travel would likely increase revenue, and more than half of respondents believe an increase in client-related travel would improve overall revenue by 10–20 per cent.

The report also indicates a rise in importance for organizations to acknowledge traveller well-being. Inflexible travel policies and complex reimbursement processes were reported as the top complaints for business travellers.

“Companies that balance traveller concerns with appropriate cost saving measures are the most likely to see a significant financial benefit. The barometer’s findings indicate that the strictest cost-savings measures, such as an inflexible travel policy, are likely to result in false-savings due to lower policy compliance,” said Tan.