Chinese resort island reports strong duty-free sales over past 5 years

HAIKOU, July 4 (Xinhua) -- South China's island province of Hainan has reported strong offshore duty-free sales over the past five years, following a policy to raise the annual cap on duty-free purchases, the local customs bureau has said.

Offshore duty-free sales in Hainan totaled 195.8 billion yuan (about 27.4 billion U.S. dollars) over the past five years, according to Haikou Customs. During the period, the number of duty-free shoppers neared 28.59 million.

On July 1, 2020, Hainan raised its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person.

Sales and the number of shoppers saw 315.3 percent and 123.3 percent growth from the five years prior to the major shopping quota increase.

China released a master plan in June 2020 to build Hainan into a globally influential, high-level free trade port by the middle of the century.

China aims to build Hainan into a globally influential tourism and consumption destination by 2035. In recent years, the island province has become an attractive shopping destination for domestic consumers.

Following years of efforts to enhance the local tourism and shopping sectors, Hainan now boasts 12 offshore duty-free stores. Enditem