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News: Chinese Yachting Industry – It’s Time to Grow

March 23, 2010 by Yacht Supplies
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If the Chinese government begins building upon its strategies for expanding its yachting sector, yachting in no time will become a permanent feature of the Chinese lifestyle. Haikou Mayor, Xu Tangxian believes that in the forthcoming years yachting will boom as a recreational activity in China. Further, he also mentioned about an industrial manifesto, the China Communications and Transportation Association (CCTA) and the country’s yachting organizations unveiled at the time of the Haikou Yachting Industry Forum in the provincial capital of Hainan on Friday.

According to the industrial regulators and analysts, China’s yacht segment might witness a growth at the same pace as that of its automobile market. There are several other luxury brands, including yachts, that experiencing tremendous progress in China. However, the yacht industry is still a new sector compared to the established automobile market and the target customers of the yacht don’t form a large number. Thus, yachting offers a large scope in China, especially for the affluent community wherein yachting signifies opulence.

Also, the Chinese are through with the initial automobile craze. Now the number of the middle class families is growing and so will be the demand for yachting. The 2009-2010 China Yachting Industry Report reveals this and much more on its launch by CCTA’s Cruise & Yacht Industry Sub-association and the Yacht Industry magazine on 19th March. The report aims at convincing the government to lower the taxes on imported yachts, which is at present 40 percent of the total cost. In spite of the fact that primarily only the rich will be able to enjoy the first-class boats, CCTA President Qian Yongchang affirms that this is the appropriate time for China to expand the yachting zone.

Industrial insiders report that during the initial phase, the Chinese might not buy yachts with the same zeal as that for cars or houses. Yacht renting will as a result be a key means for people to enjoy the luxury. One of the initiatives taken towards the development of this sector was when the State Council, China’s Cabinet in December 2009, suggested the governments at all levels to encourage yachting during tourism promotion. Moreover, in January 2010, the State Council requested Hainan Island to chalk out yacht management regulations and get ready to serve foreign yachts.

Hainan Island, a port city, is likely to be the first in adopting the international standards while devising regulations on yachting, exit-entry management and marketing of the recreational vessels. Haikou will construct 1,000 wharves for the pleasure boats in the coming 10 years. Surprisingly, close to 400 of these wharves will be through with the work by the end of 2010.

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