Shanghai aims to quintuple tax-free merchandise sales to foreign tourists within 5 years
Inbound visitors are considered a low-cost initiative to address the nation’s consumption figures
When British actor Tom Holland and his actress wife Zendaya arrived in Shanghai late last month to promote Spider-Man: Brand New Day, the celebrity couple’s sightseeing excursions and shopping expeditions grabbed even more headlines than the blockbuster itself.
From dining at a local noodle shop to wearing affordable Chinese apparel brands, the A-list pair spent a day exploring the city, reigniting online buzz in China over the growing trend of foreign tourists visiting and spending in the country.
In its latest five-year plan for international trade, the municipal government set a target to nearly quintuple tax-free merchandise sales to inbound visitors. The city, positioned as an international consumption hub, recorded 4.28 billion yuan (US$636.8 million) in tax-refund sales last year, and aimed to increase that figure to around 20 billion yuan by 2030, according to the plan released on Tuesday.