Chinese Tourists Spend $102 Billion Overseas in 2012
Over 83 million Chinese tourists spent $102 billion overseas in 2012, almost double the amount recorded in 2010, according to the 2013 Report on China's Spending of Duty Free Goods. This made Chinese tourists the world's biggest traveling spenders. Hong Kong and Macau became the most popular non-mainland destination, which 26% of Chinese traveling overseas visited in 2012. The second and third most popular destination was Europe and the US, which 23% and 10% Chinese of Chinese traveling overseas visited in 2012.
China to Relax Oil Imports
China may allow more private refineries to import crude oil and may increase its annual import quota by at least 10 million tons this year, the People's Daily reported. Currently the majority of oil import quotas are given to state-owned refineries while very few private firms are allowed to import crude oil. China's annual oil demand is estimated to exceed 700 million tons by 2020, where 2/3 of them will have to be imported.
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