HAIKOU, June 1 -- In June 2020, China released a master plan to develop Hainan into a globally influential and high-level free trade port by the middle of this century. Over recent years, the island province has sought to build itself into an international tourism and consumption center with booming duty-free shopping.
In order to further release the consumption potential and stimulate the vitality of duty-free shopping, Hainan has increased its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person starting from July 2020 and introduced more duty-free business entities, a move that has greatly boosted the booming duty-free shopping sector.
In addition, local customs authorities have strengthened the supervision of duty-free goods imported to and then sold in Hainan, significantly enhancing the effectiveness of duty-free goods regulation and promoting the development of offshore duty-free industry.