CHINA. In big breaking news from Hainan, exhibitors at May’s China International Consumer Products Expo (Hainan Expo) will benefit from a supporting tax-exemption policy that is currently being formulated.
The exemption will be different from the island province’s current offshore shopping policy, according to Hainan International Communication Network (HICN) and any purchase of duty free goods within the exhibition hall will not count against the RMB100,000 (US$15,000) departure duty free shopping quota [The Moodie Davitt Report works closely with HICN and parent group Hinews].
The announcement was made by the State Council Information Office yesterday during a press conference for the Hainan Expo to be held from May 7 to 10.
In addition, the Expo policy will not only be applicable to tourists and exhibitors traveling in from outside the island, but also to Hainan residents – making duty free goods available to even more people.
Similarly, due to the high price of the premium goods on offer at the Hainan Expo, the duty free shopping quota for this policy is expected to be higher than the standard RMB100,000. This new policy will also allow for immediate pick-up of purchases in the exhibition hall, offering more convenience to shoppers at the Hainan Expo.
[Meet Yuan Yuan and Xiao Xiao – or collectively Yuan Xiao for the duo – the official mascots for the Hainan Expo]
The State Council Information Office also noted that Hainan is preparing to build a global consumer product centre by leveraging the advantages of the Free Trade Port’s preferential policies. In so doing, it will provide a platform for high-end consumer products from both China and around the world, so as to create a never-ending ‘Hainan Expo’.
The global consumer product centre project will be set up in the capital, Haikou. It will focus on the needs of the Hainan Free Trade Port development all the way through 2035 and even further to 2050 in order to adapt to and boost the upward trend of the global consumer economy, HICN reported.
The construction of the Hainan Free Trade Port is a major national strategy personally planned, deployed, and promoted by General Secretary Xi Jinping, People’s Daily Hainan Channel reported. The Hainan Expo is a core part of that development.
Note: To find out more about the China International Consumer Products Expo, please contact Ruslan Tulenov, Global Media Officer & Supervisor, Hainan Provincial Bureau of International Economic Development. Limited exhibition space is still available.
Email: lusilan@investhainan.cn
WeChat:Ruslan24
Global Investment Service Hotline: +86 4008413413
Website: www.investhainan.cn
