(Yicai Global) Feb. 21 -- China's tourism revenue could fall as much as 20.6 percent, or CNY1.2 trillion (USD168 million), this year as a result of the novel coronavirus outbreak.

The country will likely host 932 million fewer tourists, a 15.5 percent dip from 2019, the 21st Century Business Herald reported, citing an online conference hosted by the China Tourism Academy to release its Blue Book on China's Tourism Economy.

Domestic tourism revenue will fall 69 percent in the first quarter as tourism numbers dive 56 percent, according to the academy, which also predicts China will welcome 50.3 million less international tourists throughout the year, a dip of 34.7 percent. International tourism revenue could slide 40.6 percent, or USD53.5 billion, and outbound tourists may dwindle by 17.6 percent, or 27.6 million, it added, with most of the damage coming in the first quarter.

"There were no changes in market fundamentals underpinning tourism economy operations and domestic tourism consumption is quite likely to bottom out," said the CTA's Dean Dai Bin.

Results from a survey by the CTA showed 71.5 percent of respondents would travel sometime after the epidemic dies down and 20.7 percent will as soon as the epidemic ends. Participants from Jiangxi, Hunan, Guangdong and Henan provinces are most keen to travel, while most respondents said time was their biggest hurdle when wanting to travel.

Over half of entrepreneurs and managers surveyed thought the risks of the virus were controllable and that the country can pull through, 24 percent though the risk would vary based on business abilities, and 21 percent thought more companies would close down. A quarter expect their business to quickly recover and two-thirds think it will take one to three months. 70 percent have said they will fully resume operations and spare no effort in marketing once the epidemic is over.