Martial Arts, Online Consultation Event for Entry into Hainan Island Duty-Free Shops in China Held

[Asia Economy Reporter Jeong Hyunjin] The Korea International Trade Association announced on the 13th that it jointly held the 'Hainan Island Duty-Free Store Entry Online Consultation' with the Chinese duty-free company Haiyou Duty-Free Store. Forty domestic companies in cosmetics, food, and daily necessities seeking to enter the Hainan Island duty-free market participated in the consultation.

The Chinese government expanded the per-person duty-free purchase limit for domestic visitors to Hainan from 30,000 yuan (approximately 5.31 million KRW) to 100,000 yuan starting July 1 last year, and abolished the single-item duty-free limit of 8,000 yuan to stimulate domestic consumption and tourism. Additionally, Chinese domestic visitors to Hainan can purchase duty-free goods online for 180 days after returning to the mainland.

Accordingly, the Korea International Trade Association explained that the sales at Hainan Island duty-free stores recorded 46.8 billion yuan, a 226% increase compared to the same period last year, from July 1 last year to the 30th of last month.

Cho Hakhee, head of the International Business Division at the Trade Association, said, "As overseas travel was blocked due to the prolonged COVID-19 pandemic, Chinese people flocked to Hainan, causing the Hainan duty-free market to rapidly rise," adding, "We will actively support our companies to discover business opportunities in the Chinese duty-free market."

This content was produced with the assistance of AI translation services.