Booming U.S. Economic Growth Expected Through Extension of Visas
President Obama has the travel industry extremely hopeful and excited, as a major initiative has just been passed. During November, the U.S. and China finally came to an agreement to make business and tourist visas for both U.S. and Chinese citizens from one to ten years. Additionally, student and exchange visas have been extended from one to five years as well. This movement to make the business and tourist visa extended brings great news to both the travel industry and economic growth as a whole.
This 10-year validity policy is a new concept and untraveled territory, as it is the longest validity under United States law. When looking at the big picture of this initiative, there is mutual agreement that this will be colossal in terms of economic growth, as the Chinese travel market will directly promote the growth of job creation, exports, and economic growth in the United States. U.S. Travel Association CEO, Roger Dow describes the influential movement as, “Chinese travel dollars are among the most potent of all, for the U.S. Overseas visitors spend an average of $4,500 per trip, but for Chinese visitors, the figure is $7,200, the largest of any country.â€
Therefore, extending these visas allows these high spending travelers to remain in our territory for longer periods of time, meaning more growth to the United States economy. When calculated, this movement is expected to bring approximately $85 billion per year to the United States economy. U.S. Secretary of Commerce, Penny Pritzker says that this means that approximately 440,000 American jobs will be supported.
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