CHINA. Hainan Provincial Bureau of International Economic Development & Hainan Expo have become joint Platinum Partners of the inaugural Moodie Davitt Virtual Travel Retail Expo.
Hainan Provincial Bureau of International Economic Development is the body charged with the exciting creation of the Hainan Free Trade Port. As reported, the Chinese central government released the Master Plan for the construction of Hainan Free Trade Port in early June.
The bureau is also organising the China International Consumer Products Expo (Hainan Expo) to be held in March 2021 (final dates to be confirmed), which The Moodie Davitt Report will be attending and providing extensive global coverage.
The Expo will affirm Hainan’s ambitions to become an International Tourism and Consumption Center. Chinese authorities this month released a master plan to boost the building of the Hainan Free Trade Port, auguring a wave of investment opportunities for international enterprises – including high-end duty free, department store and luxury retailers.
As part of that long-term plan, Hainan’s hugely successful offshore duty free shopping policy was extended yesterday, 1 July. Highlights included the number of duty free categories being increased from 38 to 45; the annual allowance increased from RMB30,000 (US$4,215) to RMB100,000 (US$14,050); and the limit of RMB8,000 (US$1,129) for a single tax-free purchase removed. The new categories include liquor, watches, phones (four pieces per person per visit), computers and fashion.
Hainan Provincial Bureau of International Economic Development Deputy Director General Qijun Gong said: “We are delighted to participate in the inaugural Moodie Davitt Virtual Travel Retail Expo. For us it’s a marvellous platform and an ideal opportunity to share the updated information about Hainan Free Trade Port with a prestigious global audience.”
The Moodie Davitt Report Founder & Chairman Martin Moodie said: “Today’s announcement is an emphatic affirmation of the success of our inaugural Moodie Davitt Virtual Travel Retail Expo. The event has attracted the support of many of the world’s most renowned brands and a host of high-quality smaller and medium players, plus of course the crème de la crème of the retail sector. To have them joined by Hainan Provincial Bureau of International Economic Development, which is driving the extraordinary development of Hainan Free Trade Port and the impressive evolution of the island’s duty free industry is a landmark day for our Expo.
“We believe that the Hainan Free Trade Port development is transformational across multiple business and investment sectors, including, of course luxury and duty free shopping. We welcome the Hainan Provincial Bureau of International Economic Development and Hainan Expo teams with open arms and look forward to helping them promote Hainan’s golden future.”
Qijun Gong added: “As you know, on 1st of June China released the Master Plan for the Construction of Hainan Free Trade Port (Hainan FTP), which is a great exploration of China’s new round of reform and opening up after the special economic zone, state-level high-tech zone and pilot free trade zone.
“With the introduction of a ‘zero tariff, low tax rate, simplified tax system; and a series of preferential policies for Hainan FTP in the fields of trade, investment and finance etc. most of the goods, capital and personnel will move in and out of Hainan conveniently and freely. This facilitation and liberalisation in all respects will attract global businesses to gather in Hainan to explore new business opportunities. For consumer products especially, the market potential will become much bigger. Backed by the huge market of China’s Mainland, Hainan will definitely become a ‘Shopping Paradise’.
“In order to share the new opportunities of the construction of Hainan FTP with the rest of the world, we are planning to hold the China International Consumer Products Expo (Hainan Expo) in Hainan next March. The Hainan Expo is expected to be the right choice and a good bridge for global luxury goods and branded consumer products to enter China and Asia markets since it is focusing on building Hainan into an international tourism consumption centre. Hainan will attract high-quality resources in various fields of global consumption and provide the world economy with new impetus.
“Taking this opportunity, we would like to invite you and your readers and Expo exhibitors to participate in tnext year’s Hainan Expo and share the fruitful results of the construction of Hainan FTP. We will ensure that Hainan will provide the most favourable and convenient participation conditions and a first-class business environment featuring open and considerate services. We wish the Moodie Davitt Virtual Travel Retail Expo a great success.”
Note: The travel retail industry has leant tremendous support to the inaugural Virtual Travel Retail Expo with new exhibitors being named each week and several major announcements to be made in coming days. If you would like to exhibit please contact Martin Moodie at Martin@MoodieDavittReport.com. Airport executives and all travel retailers can register for free here.
