BUSINESS Distinctive duty-free shops in Hainan

BUSINESS

Distinctive duty-free shops in Hainan

By Jin Nannan | hiHainan

20:58, July 06, 2020

On July 1, new offshore duty-free policy came to effect in Hainan. According to the policy, the offshore shopping quota has been increased from RMB30,000 (US$4,215) to RMB100,000 (US$14,050) per person each year and the number of categories is increased from 38 to 45. Currently, there are four duty-free shops in Haikou, Sanya and Boao in Hainan.

The China Duty Free Group(CDF)Sanya is the biggest duty-free shop with a variety of products in Hainan, covering 120,000 square meters. The duty-free shop has become a place where visitors must visit in Hainan.

The Mova duty-free shop locates in downtown in Haikou. Being different from the duty-free shop in Sanya, the Mova duty-free shop provides discounts for tourists and local people more frequently.

Another duty-free shop lies in Haikou Meilan Airport is the only one that allows customers to take products away after purchasing, which is much convenient for customers to buy duty-free products.

With the release of Hainan Free Trade Port Overall Plan and new offshore duty-free policy, Hainan has become the focus of the world once again. Many enterprises think highly of the offshore duty-free industry in Hainan and plan to invest the island in the future.

Ruslan who is from Kazakhstan and lives in Hainan has a good command of many languages. He has been helping the local government contact some world famous enterprises since last year. Like the staff in the duty-free shops, Ruslan usually works overtime.

Ruslan said that some international duty-free enterprises had contacted them with the release of the overall plan. According to the new offshore duty-free policy, proper competition is encouraged and all business entities with a tax-free product distribution qualification can equally participate in the offshore tax and duty free business in Hainan.

The annual sales of the duty-free industry in Hainan in 2019 was 10.1 billion yuan and it is expected to reach 30 billion yuan in 2020. With more duty-free industries invest Hainan, it is estimated that the sales of the duty-free market in Hainan will increase 10 billion to 20 billion yuan. According to the new policy, domestic duty-free enterprises with licenses such as Zhuhai Duty Free Enterprises Group, Shenzhen State-owned Duty Free Group and Wangfujing Group are expected to be introduced to Hainan. In addition, Hainan government will give support to the enterprises in terms of finance and talents.

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