Chinese spend 163 bln USD overseas in 2014

Chinese consumers spent a whopping amount of more than 1 trillion yuan (163 billion U.S. dollars) overseas last year, as more rich people traveled abroad. [Special coverage]

"Outbound travelers from China exceeded 100 million and combined consumption volume of Chinese tourists surpassed 1 trillion yuan last year," Commerce Minister Gao Hucheng said Saturday at a press conference on the sidelines of the ongoing annual parliamentary session, citing data available to the Ministry of Commerce.

"There are various reasons behind this phenomenon, and one important reason is the price difference," he told reporters.

High tax rates on some products in China and pricing strategies of some foreign brands lead to higher prices for the same products in China, said Gao, adding that there is also room to reduce costs and cut prices by improvements in logistics and business management.

"It is up to Chinese people themselves to make their consumption choices overseas, while an increasing number of Chinese people's consumption choices at home are diversified," said Gao, adding that Chinese tourists' consumption overseas is expected to gradually shift from emulative spending to a normal condition.