Travel service agencies
Upon accession , foreign service providers must meet certain qualifications before they can provide services in the form of joint ventures , such as:
they must be professional tour operators or travel agencies
annual world-wide turnover must exceed US$40 million
registered capital not less than 40 million renminbi.
Within three years after accession, the required minimum registered capital for joint venture travel agencies/tour operators will be reduced to RMB2.5 million and foreign majority ownership in a joint venture will be permitted. Within six years after accession, wholly foreign-owned travel agencies will be permitted in China, and the geographical restrictions and limitations on wholly foreign-owned subsidiaries will be removed.
Hotels
Upon China's accession, foreign investors shall be permitted to hold the majority ownership in joint- venture hotels. Within four years after accession, there will be no restrictions on market access and wholly foreign-owned subsidiaries will be permitted.