China will become biggest corporate travel market this year

China will replace the United States to become the biggest corporate travel market in the world this year, a report says.

The 2016 China Corporate Travel Market Analysis Report, released by China's biggest online travel agency Ctrip on Tuesday, says that the size of China's corporate travel market has reached $290 billion and ranks as the second largest in the world, after the US.

The corporate travel market in China will maintain its growth at the speed of at least 10 percent this year, so it will surpass the US and become the biggest market in this sector, the report says.

It also says that emerging markets will have a better economic performance in 2017, and Asia will retain its motive power to drive emerging market business.

Globally, business class airfares will increase by 1 percent but the economy class fares will decrease by 1 percent in 2017. Global hotel prices will increase by 1 to 3 percent in 2017.