Hainan rakes in 4.6 bln USD via duty-free shops

The sales of four offshore duty-free shops in Hainan have exceeded 30 billion yuan (about 4.6 billion U.S. dollars) so far this year, said the Hainan provincial department of commerce.

From Jan. 1 to Dec. 14, duty-free sales at the four locations surpassed 25 billion yuan and the sales of taxed goods reached about 5 billion yuan, both doubling last year’s figures.

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  Starting on July 1, Hainan increased its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person. The categories of duty-free goods have been expanded from 38 to 45, with some electronic products such as mobile phones and laptops added to the duty-free list.

The previous tax-free limit of 8,000 yuan for a single product has also been lifted, and the number of categories with a single-purchase quantity limit has been significantly reduced.

The island province has used policy upgrades to boost its economy, with its daily duty-free sales topping 120 million yuan, an increase of over 200 percent year on year.

By the end of 2020, the duty-free shops are expected to net about 31.5 billion yuan in total sales for the year.

Building an international tourism and consumption destination, the island province will introduce more enterprises and open more duty-free shops to unleash the effect of tax-free shopping policies.

Currently, Hainan has four offshore duty-free shops — two in the capital city of Haikou, one in Qionghai and one in the popular resort city of Sanya.

Consumer products expo a boost to Hainan’s free trade port plan
Meanwhile, public opinion is being solicited for a draft Hainan free trade port law, which is expected to grant the province greater autonomy in reform and provide a legal guarantee for the construction of the free trade port, according to Shen Xiaoming, Party chief of Hainan. 
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