South China's island province of Hainan has seen exponential growth in duty-free sales in the year after a new policy was implemented.
The duty-free shopping boom has picked up momentum in Hainan province as fine-tuned national policies turn the resort island into a duty-free shopping hub, officials and experts said.
The China (Hainan) One-Stop Service Window for International Trade has completed its initial project and passed inspection, according to announcement by the Hainan Provincial Department of Commerce on June 22.
Offshore duty-free sales in Hainan province hit 45.5 billion yuan ($7.11 billion) during June 1 of 2020 to May 31 of 2021, a surge of 236 percent from a year earlier, the chinanews.com reported on Monday.
China's commerce ministry on Thursday said it would guide the regional headquarters of multinationals to gather on the southern island province of Hainan to push the construction of the Hainan free trade port.
China's enhancement of offshore duty-free shopping policies has boosted the growth of local tourism consumption and trade in South China's Hainan province and promoted the construction of the Hainan international tourism consumption center, said officials with the provincial government.
China's southern island province of Hainan has seen robust growth in foreign investment inflow and new market entities as it continues to improve its business environment, an official said Monday.
Overview
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