Hainan sees offshore duty-free sales exceed 130 bln yuan over 3 years

Haikou: South China’s island province of Hainan has recorded a total offshore duty-free sales of over 130 billion yuan (about 17.99 billion U.S. dollars) since adjusting relevant policies three years ago, said Haikou Customs Saturday.

From July 1, 2020 to Friday, 17.67 million shoppers purchased 130.7 billion yuan of offshore duty-free products on the island, increasing by 92.6 percent and 279 percent, respectively, compared with the previous three years.

Since Hainan launched the policy that allows domestic tourists to buy products on the island without taxation on April 20, 2011, rounds of adjustments on the initial policy have taken place.

The adjustment on July 1, 2020 increased the island’s annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person, and expanded the major categories of duty-free goods from 38 to 45.

China released a master plan in June 2020 to build Hainan into a globally influential and high-level free-trade port by the middle of the century. Over recent years, the island province has become an attractive shopping destination for domestic consumers.

Through years of efforts to enhance the local tourism and shopping sector, Hainan now boasts 12 offshore duty-free shops.