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This year's Summer Davos will take place on September 13th, in the northern Chinese city of Tianjin. With just two weeks before the big event, all the ground work is being laid to welcome the world's business elite.
The upcoming World Economic Forum, or Tianjin Summer Davos, is having a ripple effect on local businesses. Among them, 13 designated hotels in Tianjin say over 70 percent of their rooms are booked out.
Sales manager of Westin Hotel, Tianjin said "Rooms between the period of the meeting had been booked as early as four months ago..."
The surging demand has also boosted accommodation prices. The rate for a standard room at nearby five-star hotels are now over five-thousand yuan per night.
As the Davos forum draws closer, related businesses are also expecting to gain more profits.
Statistics from the local government shows 68 exhibitions were held in Tianjin in the first half of the year. The number of events climbed more than 80 percent, compared with the same period of last year.
Liu Changjin, General Manager of Tianjin Binteng Exhibition Management Co. said "The Summer Davos is helping to lift our reputation and rental rates. Our schedule in the second half of the year has been booked out. We're also expecting to have events such as the UN climate meeting, auto show and more. So we're optimistic the exhibition business will have a booming future in Tianjin."
Experts are expecting businesses such as trade, entertaining and accommodation to reap the rewards of the forum. The domino effect of the 2010 Summer Davos is likely to have a wide and profound impact on the city's economic development.