Chinese visitors are already familiar faces in major US destinations such as New York City, San Francisco and Las Vegas, but other parts of the country could also see a boost.
"One simple decision like this ... Is going to reap tremendous benefits to the country," said Chris Thompson, president and CEO of Brand USA, the public-private partnership responsible for marketing the United States as a travel destination.
Business and short-term visas that currently expire after one year will now be valid for 10 years, while student and cultural exchange visas will last for five.
Obtaining a US visa involves waiting in long lines at a consulate during the work day, passing an interview and then waiting at least three days, a process that won't change under the new rules.
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Chinese have been among the fastest-growing and highest-spending US visitors in recent years.
According to government figures, Chinese visitors spend about USD 7,000 per person in the US, compared with the average of USD 4,500 for all overseas visitors.
In announcing the visa change, the White House said it could result in USD 85 billion economic impact in the US by 2021.
In New York City, Chinese visitors have increased more than 300 percent over the past five years, with 646,000 in 2013 and 743,000 expected by year's end.
Las Vegas gets an estimated 300,000 Chinese visitors annually, and officials hope to see that number increase to more than 1 million by 2021.