China travel agent

THOMAS Cook has opened its first outpost in China to tap into the country’s growing travelling middle class.

The holiday company launched Thomas Cook China in Shanghai yesterday as mounting numbers of wealthy Chinese tourists seek to travel the world.

A record 120m visitors left the People’s Republic last year, spending £78.5bn, and Thomas Cook wants to cash in on what has been coined the People’s Pound.

The firm has teamed up with local partner Fosun, which owns Club Med.

Investors welcomed the Chinese move, sending shares in the British travel firm up 6.14pc, or 4.4p to 76.05p.