World Travel and Tourism Council (WTTC) considers Travel and Tourism as one of the largest industries in the world. It is a forum for leaders in this industry and has the membership of the Chief Executives of many Travel and Tourism companies. WTTC has been successful to a great extent in generating an understanding of the importance of this industry. The council has also invested greatly in high quality research, and harnessed the knowledge and experience of its members.
The fourteenth annual Global Summit of WTTC would be held in the Hainan province of China. With a grand opening reception on the 23rd of April, 2014, it would be held on the 24th and 25th of April consecutively. After the success of Beijing summit in the year 2010, the latest one would be the second in China. According to experts, this is attributed to the fact that China will surpass United States of America to become the biggest economy in this world with respect to Travel and Tourism by 2023. The WTTC reports also suggest that by 2020 Hainan would possibly become a world-class tourism destination.
Hainan is a tropical island located in the South China Sea, and is one of the largest Special Economic Zones. Until the year 1988, this island was a part of Guangdong Province. With respect to the contribution to GDP, China was the second largest tourism economy in this world in the year 2012. According to the industry experts, this is all set to change by 2023, as the country would displace USA to become the world's largest tourism economy. Any senior executive operating in the Travel and Tourism industry would have to understand this fact while designing the China Vacation Packages for their business. This is the reason why many of these executives are attending and participating in the WTTC Global Summit.