CHINA. Hainan province plans to grow its offshore duty free sector to over CNY60 billion (US$9.3 billion) in sales this year, an approximate +83% increase over 2020. That was the message from Acting Governor Feng Fei, speaking during the fourth meeting of the Sixth People’s Congress of Hainan Province, which opened in Haikou yesterday.
As reported, sales at Hainan’s offshore duty free shops (including tax-paid items) rose by +127% year-on-year in 2020 to around CNY32.74 billion (US$5.05 billion).
The 2021 offshore duty free sector is expected to be boosted by a continuing recovery from the COVID-19 pandemic; an expansion of offshore duty free licence holders; and the impending introduction of a new policy allowing Hainan residents to buy certain items duty and tax free without leaving the island.
Feng Fei said that Hainan’s annual GDP is targeted to grow by over +10% in 2021, after increasing by +3.5% in 2020.
He described 2020 as an “extraordinary” year due not only to the COVID-19 pandemic but also because of the way it had been countered thanks to strong leadership from the Party Central Committee, the State Council and the Hainan Provincial Committee of the Communist Party of China, and the contribution of Hainan’s population.
Feng Fei described Hainan’s 14th Five-Year Plan as a key period for the construction of a high-quality Free Trade Port with Chinese characteristics and as a “golden opportunity” for Hainan’s development and an important window period.
He praised the rapid development of the Free Trade Port concept to date (driven by the Hainan Provincial Bureau of International Economic Development/Hainan IEDB) and pledged continued rapid progress this year.
Note: As reported, Hainan IEDB is organising the pioneering China International Consumer Products Expo in Hainan province on 7-10 May. To find out more, please contact Ruslan Tulenov, Global Media Officer & Supervisor, Hainan Provincial Bureau of International Economic Development.
Email: lusilan@investhainan.cn
WeChat: Ruslan24
Global Investment Service Hotline: +86 4008413413
Website: www.investhainan.cn
Hainan Island: Travel retail’s global hotspot The Moodie Davitt Report will publish a Hainan Island Special Report with the China edition of The Magazine in February 2021. Written by Martin Moodie and Dermot Davitt, it will explore how the offshore duty free business in China has become critical to the world’s leading brands across many categories. 海南：旅游零售业的全球焦点 穆迪戴维特报告（Moodie Davitt Report）将于2021年2月随The Magazine的中文版发表《海南特别报道》。该篇由马丁·穆迪（Martin Moodie）和德莫特·戴维特（Dermot Davitt）撰写，将探讨中国的离岸免税业务是如何变得对跨类别的各大全球领先品牌至关重要。 报告将覆盖以下内容：
The report will feature:
Contact Irene@MoodieDavittReport.com to partner with The Moodie Davitt Report for this special edition. |
