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Tourism firms in Shanghai will make reforms this year by transferring from state assets monopoly to diversified ownership, with more than 85 percent of tourism companies expected to have mixed ownership, according to a local tourism work conference yesterday.

To date, half of the local hotel enterprises are wholly state-owned, and plus those with state-owned capitals holding controlling shares, the total amount of state capitals account for 70 percent of the assets in hotel industry.

Forty percent of the assets in local travel agencies are state-owned.

The hotel and travel agency industry in the city is competitive, so it is inevitable for hotel and tourism firms to have diversified ownership, said an industry analyst.

The Jinjiang International (Group) Co Ltd is seeking overseas investment currently, and other small and mid-sized tourism firms are seeking cooperation with private companies.

Shanghai aims to receive more than 3.5 million overseas tourists this year, with Forex tourism revenues to reach US$2.6 billion; nearly 95 million domestic travelers with domestic tourism revenues to reach more than 110 billion yuan.

Total tourism revenues are expected to top 130 billion yuan this year, with added values in tourism industry accounting for nearly 6.3 percent of local GDP.