(Economic Observation) The adjustment of the island's tax-free shopping policy "largest in history": Chinese consumption is expected to shift from "overseas shopping" to "Hainan shopping"
China News Agency, Sanya, Hainan, July 2 (Reporter Wang Xiaobin and Wang Qianqian) Hainan Islands' duty-free shopping policy ushered in the "largest" adjustment in history on July 1. During the nine years of implementation, the policy of continuous liberalization is expected to prompt Chinese consumers to switch from "overseas shopping" to "hainan shopping".
With the expansion of middle-income groups, the Chinese have set off a wave of overseas consumption in recent years. Statistics show that in the past three years, China has more than 100 million outbound tourists each year, and overseas consumption (including overseas tourism, medical treatment, and study abroad) has exceeded 1 trillion yuan (RMB, the same below). Impress the world.
The tax-free shopping policy on the outlying islands may urge this trend to change its direction and turn to Hainan Free Trade Port. According to the latest outlying island tax exemption policy, Hainan outlying island passengers (including residents of the island) will receive an annual tax exemption limit of 100,000 yuan per person, abolishing the 8,000 yuan tax exemption limit for a single item, and adding alcohol, electronic consumer products, etc. Large categories of duty-free goods.
The Hainan Islands Islands tax-free shopping policy implemented since 2011 has undergone several adjustments, from one store in Sanya to the current four stores in three places on the island. The tax-free limit is from 5,000 yuan to 100,000 yuan, and the product category has increased from 18 categories to 45. class. In the past 8 years, its sales have exceeded 44.5 billion yuan, becoming the "golden sign" of Hainan International Tourism Island.
On June 1, the "Overall Plan for the Construction of Hainan Free Trade Port" clearly established the Hainan Free Trade Port International Tourism Consumption Center, requiring that by 2025, a zero-tariff policy for some imported goods will be implemented.
The new coronary pneumonia epidemic, which is still spreading globally, has accelerated the change of overseas shopping trends. "I used to buy cosmetics through overseas "purchasing", but now the overseas situation is not good. "Purchasing" is almost "cold". The goods in Sanya Duty Free are affordable." I learned that the single purchase of cosmetics has been relaxed from the previous 12 to 30. , Ms. Yang from Wuhan said, "just buy from Sanya."
According to Sanya International Duty Free City, since the business resumed at the end of February, the sales of duty-free goods have generally risen against the trend. Among them, June increased by about 20% from the previous month and more than doubled from the same period last year. According to customs data, the duty-free sales momentum of Hainan Islands has been strong during the Dragon Boat Festival. The number of sales of duty-free products, the number of shoppers and the amount of sales increased by 49.88%, 34.62% and 51.18% respectively year-on-year.
Duty-free shopping will promote tourism popularity in Hainan. Xie Xiangxiang, deputy dean of the School of Tourism, Hainan University, said in an interview that the new tax-free shopping category meets the expectations of consumers and can attract tourists with higher spending power and strong shopping desire to come to Hainan. It is foreseeable that this policy adjustment will have a better driving effect on Hainan's tourism industry, which will directly bring about the growth of tourists.
The lack of tax-free commodities on the islands and the old styles once hindered consumers' desire to buy. Gao Xujiang, assistant to the general manager of China Tourism Group China Duty Free Co., Ltd., executive director and general manager of China Duty Free Co., Ltd. Sanya City Duty Free Shop Co., Ltd., said that due to customs, logistics and other factors, some commodity styles in the past really have Successive problems. However, after this round of policy adjustments, all the links of restriction are basically cleared, and the time for the tax-free experience of new products will be greatly shortened. In terms of selling price, a considerable number of products are internationally competitive.
Hainan Province requires duty-free shops to accelerate the “three synchronizations” of brands, varieties, and prices of duty-free products and their origins, promote the convenience of shopping experience in detail, improve the level of duty-free shopping services, and make full use of the island tax-free policies.
At present, all duty-free shops in Hainan are operated by China Freedom Group. The adjustment policy is clear, and all business entities qualified for the distribution of duty-free goods can equally participate in the duty-free operation of Hainan Islands. It is reported that Hainan is in contact with international duty-free retail giants such as Dufry Group (Dufry). After the announcement of the New Deal, the Hainan International Economic Development Bureau contacted the Moodye Davitt Report, an authoritative research organization for the global tax-free industry, to use the latter platform to release Hainan Free Trade Port duty-free shopping policy to global investors.
In the face of the upcoming competition situation, China Free Group said that it hopes that domestic tax-free operators can use this opportunity to form an environment of mutual incentives and competition, and make greater contributions to driving the return of overseas consumption. With nearly ten years of tax-free operation experience in Hainan Islands, the group can play a first-mover advantage in the market layout and improve its service level.
"This adjustment is a welfare for consumers across the country, and you can buy a variety of cheap goods without going abroad." Zhang Yong, Dean of the Silk Road Research Institute (Haikou) and a researcher at the Shanghai Free Trade Zone Comprehensive Research Institute of Fudan University, believes that The energy of Chinese shopping abroad is huge, and the current impact of the epidemic can only be achieved through cross-border e-commerce or Hainan island duty-free shopping. The upgraded version of island duty-free can play the role of "one stone with many arrows": help economic recovery, Helping the return of consumption will have a direct effect on the flow of people, logistics and capital in Hainan Free Trade Port. (Finish)