HAIKOU, July 3 (Xinhua) — South China’s island province of Hainan has seen exponential growth in duty-free sales a year after a new policy was implemented.
Hainan’s offshore duty-free sales hit 46.8 billion yuan (7.2 billion U.S. dollars) from July 1, 2020 to June 30, 2021, surging 226 percent year on year, the Haikou Customs said on Saturday.
Duty-free shops in Hainan received more than 6.2 million customers, and sold over 60 million duty-free items, up 102 percent and 211 percent year on year, respectively.
Since July 1, 2020, Hainan has raised its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person. The previous tax-free limit of 8,000 yuan for a single product has been lifted, and the duty-free purchase limit for cosmetics has also been raised from 12 items to 30.
Meanwhile, the categories of duty-free goods have been expanded from 38 to 45, with the addition of electronic products such as mobile phones and laptops.
As part of the core policies of the…