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Chinese Business Travel Is Skyrocketing

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HONG KONG - MARCH 8: An airline stewardess heads towards a departure gate at Chek Lap Kok airport March 7, 2003 in Hong Kong. Cathay Pacific Airways, Hong Kong's largest airliner, has posted a sixfold rise in net profit for 2002 with a rise in passenger and cargo traffic. (Photo by Christian Keenan/Getty Images)Getty Images

In the year 2015, Chinese businesses spent more on business travel than their American contemporaries, creating a bevy of opportunities for the travel and hospitality industry.

Chinese business spent $291.2 billion on travel compared with $290.2 billion in the US last year, according to a report from the Global Business Travel Association.

The amount spent on travel by Chinese companies is expected to keep rising, according to USA Today.

I think it’s game changing,” says Michael McCormick, the GBTA’s executive director and COO, to the paper “It’s a significant milestone and a change in the order that we’ve basically had since we’ve been tracking business travel.”

American companies are looking to maximize this growing market. Hilton (HLT) is opening a new hotel in China this year. IHG, a hotel company whose brands include Holiday Inn, opened more than 30 properties in the country last year.

Aerospace companies like Boeing (BA) are also likely to cash in, as the Chinese aviation industry will need more stock to ferry its growing number of business travelers across the country.