More Duty Free Shops to be Opened to Facilitate Imported Daily Commodities
China will be opening more duty free stores that will facilitate the import of popular daily commodities in hopes to stimulate domestic spending in flagging deflationary pressure. During an executive meeting of the State Council that was presided by Premier Li Keqiang said that he would be issuing a package of policies that will shore up consumption, which is one of the driving engines tapped by the government to support economic growth.
During the meeting the Council decided that by opening more duty free shops at ports of entry across the country and importing more popular consumer goods since the shopping list of Chinese overseas travelers has expanded from luxury brands to daily living products. Studies shown that more than 100 million Chinese residents have traveled overseas last year and spent around 1 trillion yuan during these trips overseas.
Although the report doesn’t include the details to when and where these duty free shops will open. But the government is considering setting up the new stores at airports thus raising the purchasing cap of a passenger. As of the moment there are 262 duty free shops nationwide, and some of these stores are found in cross border vehicles that offers duty free goods to diplomatic visitors. Although there are not that many duty free shops found at the port of entry in China, the council is considering placing more shops but it needs to follow the willingness of the enterprises.