Business travel spending to surge by 15.6% this year

Business travel spending in China is expected to grow by around 15.6 percent this year to about 126 billion yuan ($19.7 billion), making it the slowest growth in the last three years, said a new report.

According to the 2015 Chinese business travel management report from iResearch Consulting Group, a Shanghai-based market analysis firm, growth in China's business travel market has bottomed out this year and the growth rate is lower than the 28.1 percent and 17.2 percent seen in 2013 and 2014 respectively.

The report said the business travel sector was hit by the global growth slowdown as many overseas companies made steep cuts to travel budgets this year.