CHINA. Hainan province has set an ambitious CNY100 billion (US$15.8 billion) sales target for its duty free stores in 2022, a +66.2% increase on 2021.
The figure was released during the annual session of the Hainan Provincial People’s Congress last Friday, according to Chinese state media Xinhua.
近日，海南省制定了2022年的免税目标，力争离岛免税店销售额达1000亿元（158亿美元），比 2021 年增长 66.2%。
As reported, the island province’s offshore duty free stores generated revenues of CNY60.17 billion (US$9.47 billion) in 2021, an +84% increase year-on-year.
That figure comprised duty free sales of CNY50.49 billion (US$7.94 billion), up +83% year-on-year, with the balance being accounted for by tax paid sales.
据报道，2021年海南省离岛免税店总销售额为601.7亿元人民币（94.7亿美元），同比增长84%。当中504.9 亿元人民币（79.4 亿美元）为免税品销售额，同比增长 83%；其余为完税商品销售额。
The 2022 target is a challenging one as China continues to battle (albeit with considerable success thanks to its ‘zero-COVID policy’) against the COVID-19 pandemic. Outbound tourism from affected regions continues to be hit by the pandemic. Encouragingly, The National Health Commission reported just 18 indigenous cases yesterday, down from 163 a week earlier.
Currently, Hainan has five duty free licence holders – China Duty Free Group, CNSC, Hainan Tourism Investment Duty Free Co (which runs Hainan Tourism Duty Free Shopping Complex), Hainan Development Holdings (Global Premium Duty Free Plaza) and Shenzhen Duty Free (Times DF in Mission Hills Haikou).
Footnote (1): Every fortnight The Moodie Davitt Report publishes Hainan Curated, in association with Foreo, a selection of all recent stories from the offshore duty free sector in Hainan province.
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