‘Rising star’ Hainan to be world’s biggest duty-free market in 2 years: KPMG joint report

 ‘Rising star’ Hainan to be world’s biggest duty-free market in 2 years: KPMG joint report

Customers shop at a duty-free mall in Sanya, South China’s Hainan Province. Officials from Hainan said on Monday that sales of duty-free goods amounted to nearly 100 billion yuan ($15 billion) in the past 10 years, and the number of shoppers exceeded 25 million. Duty-free sales account for about 40 percent of Hainan’s domestic tourism revenue. Photo: cnsphoto

Hainan, the tropical resort destination known as China’s Hawaii, is on track to become the biggest duty-free market in the world in the next two years, a report released on Friday showed, illustrating how China’s policy of building a world-class shopping haven has converted overseas shopping to domestic consumption, strengthening the plan of building Hainan into a free trade port on par with Dubai and Singapore.

The report, jointly released by KPMG China and Moodie Davitt Report at the ongoing China International Consumer Products Expo (CICPE), said Hainan’s offshore duty-free…

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