Ningbo's first joint venture travel agency has been approved by the Ministry of Commerce.
The agency, Ningbo Wanguo International Travel Agency Company, is invested in by Cixi Qianxi Tourism Company and Macao Wanguo Youth Travel Agency Company.
Mao Peisheng, the general manager of the Qianxi Tourism Company, said that the cooperation with the Macau-based agency will bring more tourists to Cixi via the tourist source network, and will introduce a new management and operating mechanism to Cixi's travel agencies thus boosting the development of the industry.
The JV has a registered capital of USD1 million. Cixi has a 51% equity stake and Wanguo Youth holds 49%.