Hainan province plans to grow its offshore duty free sector to over CNY60 billion (US$9.3 billion) in sales this year, an approximate +83% increase over 2020. That was the message from Acting Governor Feng Fei, speaking during the fourth meeting of the Sixth People’s Congress of Hainan Province, which opened in Haikou yesterday.
As reported, sales at Hainan’s offshore duty free shops (including tax-paid items) rose by +127% year-on-year in 2020 to around CNY32.74 billion (US$5.05 billion).
The 2021 offshore duty free sector is expected to be boosted by a continuing recovery from the COVID-19 pandemic; an expansion of offshore duty free licence holders; and the impending introduction of a new policy allowing Hainan residents to buy certain items duty and tax free without leaving the island.
Feng Fei said that Hainan’s annual GDP is targeted to grow by over +10% in 2021, after increasing by +3.5% in 2020. He described 2020 as an “extraordinary” year due not only to the COVID-19 pandemic but also because of the way it had been countered thanks to strong leadership from the Party Central Committee, the State Council and the Hainan Provincial Committee of the Communist Party of China, and the contribution of Hainan’s population.
Feng Fei described Hainan’s 14th Five-Year Plan as a key period for the construction of a high-quality Free Trade Port with Chinese characteristics and as a “golden opportunity” for Hainan’s development and an important window period.
He praised the rapid development of the Free Trade Port concept to date, driven by the Hainan Provincial Bureau of International Economic Development/Hainan IEDB, and pledged continued rapid progress this year.
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