Friday, October 15, 2021

Shanghai encourages ‘duty-free economy’ as part of consumer push

BEIJING – The Shanghai government will support companies applying for approval to sell duty-free goods, and encourage them to set up duty-free shops at airports, hotels, malls and other commercial places, municipal officials said. .

The development of a “duty-free economy” that would encourage spending on imported products, including heavy-duty luxury goods, was outlined in the 2021-2025 consumption plan released on Saturday.

Currently, duty-free spending in China is largely concentrated in the southern island province of Hainan, where the annual limit for individual duty-free spending was raised last year to $15,467 from the previous limit of $4,640.

Tariffs on imported consumer goods vary in China, with taxes on some luxury goods such as perfumes and watches exceeding 30 percent.

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Millions of domestic tourists flock to Hainan’s malls every year, lured by significantly lower prices, and restrictions on foreign travel as a result of the COVID-19 pandemic have increased the number.

Otherwise, there are over 300 duty-free shops across the country that sell products ranging from fragrances and cosmetics to clothing and footwear. China Tourism Group Duty Free Corp is the major player with around 200 stores.

Annual duty-free spending is in the billions of yuan.

One Yuan = O.15 USD.

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This News Originally From – The Epoch Times

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