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Duty-free discounts fueling greater travel spending By HE WEI and MA ZHIPING in Haikou | China Daily | Updated: 2021-05-10 07:04 Share CLOSE Visitors cluster around an 88-carat black diamond encased in a glass pyramid at the China International Consumer Products Expo in Haikou, Hainan province, on Saturday. [Photo/China Daily]
Duty-free shopping in China is bolstering consumer spending with a spate of policies driving retail sales, and industry players are not shying away from forecasting more gains after the sector s stellar growth in the past year.
Brands from home and abroad are flocking to introduce new products and exclusives for travel retailers during the China International Consumer Products Expo in Haikou, capital of Hainan province, where incentives like zero import taxes and shorter negative lists are fueling business optimism.
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Haikou, China Observers see the huge expo featuring luxury brand name products being held here on Hainan island from May 7-10 as part of a larger campaign orchestrated by Chinese leader Xi Jinping to develop “China’s Hawaii” as a free trade zone that will rival or even replace Hong Kong.
The First China International Consumer Products Expo, cosponsored by China’s commerce ministry and the Hainan provincial government, sprawls over 800,000 square meters. On display are some 2,600 foreign brands representing some 69 countries and regions. The mammoth undertaking aims to be nothing less than the largest consumer goods expo in the Asia-Pacific region, with more than 200,000 foreigners expected to attend.
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