...China Outbound Travel Penetration @ Inflection Point = Already World’s Biggest Outbound Tourism Spender Outbound Departures as % of Top 10 Outbound Tourism Population, 1970 – 2015 Spending Country, 2014 35% China $165B 30% China USA $146B on i t Japan a Germany $107B opul 25% S. Korea P UK $80B of 20% % France $59B s a 15% e Russia $55B ur t r 10% pa Canada $34B e D 5% Australia $32B bound 0% Brazil $30B ut O 70 73 76 79 82 85 88 91 94 97 00 03 06 09 12 15 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 Italy $29B Source: CLSA, World Bank. KPCB INTERNET TRENDS 2016 | PAGE Hillhouse Capital 174