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Hainan’s Offshore Duty-Free Sales Soar to $26.8 Billion in 12 Years

BusinessHainan's Offshore Duty-Free Sales Soar to $26.8 Billion in 12 Years

Haikou Customs reported on Thursday that Hainan, the island province in South China, has generated a whopping 185 billion yuan ($26.8 billion) in total offshore duty-free sales over the past 12 years since the implementation of relevant policies. As of Wednesday, over 34 million shoppers have made purchases of offshore duty-free products on the island. The initial policy has undergone several rounds of adjustments, increasing the tax-free shopping quota to 100,000 yuan per person and expanding the major categories of duty-free goods from 18 to 45. China has released a master plan in 2020 to transform Hainan into a globally influential and high-level free-trade port by mid-century. With the enhancement of the local tourism and shopping sector, Hainan has now become a popular shopping destination for domestic consumers, featuring 12 offshore duty-free shops.

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