The new company represents the first corporate travel joint venture in China approved purely on the basis of an outbound air ticketing license.

Commenting on new joint venture, Herve Gourio, CWT's president and CEO, said, "China's rapid economic growth has amazed the world. Its entry into the WTO allows for more frequent exchanges between Chinese enterprises and the rest of the world, which lays a solid foundation for China's corporate travel management development."

"Since 1996, CAS and CWT have clearly focused on the corporate travel market. The new joint venture offers flexible client services consistent with local, regional and global capabilities, enabling us to provide a consolidated global solution", said Sun Ji, CAS's general manager.

"It is estimated that Chinese corporate travel expenses total four to five billion US dollars every year. Reducing travel costs has become a concern for all enterprises, and it was this concern that created the corporate travel management industry", said Albert Zhong, general manager of China Travel Management Services Co. Ltd.

Founded in 1987, China Air Service Ltd (CAS) was the first and is now one of the largest International Air Transport Association (IATA) travel agencies in China.

Carlson Wagonlit Travel is a world leader in business travel management. Today, the Carlson Wagonlit group, formed from the merger of the Carlson and Wagonlit business travel groups, has locations in more than 140 countries. Carlson Wagonlit Travel is co-owned by Paris-based Accor and Minneapolis-based Carlson Company.

(People's Daily January 17, 2003)