HAIKOU — China’s southern resort island province of Hainan reported more than 384 billion yuan (about $57.7 billion) of gross domestic product in the first three quarters, up 1.1 percent year-on-year, according to official data Thursday.

The recovery of the consumer market was a main driver of the provincial economic growth, especially the boom of offshore duty-free shopping.

Data showed that in the third quarter alone, the total retail sales of consumer goods in Hainan increased by 17.7 percent compared with the same period last year. The city of Sanya, where a popular duty-free shopping mall is located, saw its figure grow 50.5 percent.

Wang Yu, deputy director of the provincial statistics bureau, said consumption will remain a stabilizer of Hainan’s economic growth in the future.

Hainan has increased its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person and expanded the categories of goods starting on July 1.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

‘The Princess Bride’ cast is reuniting and Ted Cruz is livid about why

New York (CNN Business)The cast of “The Princess Bride” is reuniting to raise money for the Democratic Party of Wisconsin — inconceivable to Texas Senator and Princess Bride superfan Ted Cruz. Donors to the Wisconsin Democrats will receive invitations to…

Election uncertainty leaves US economic rescue hanging in the balance

As Americans wait on the final results of the 2020 election, the outcome will have a big effect on the size and timing of any additional economic rescue package. As of Wednesday evening, with the presidential race still up in…

Car sales in China down dramatically as coronavirus disrupts production & supply

New auto sales fell by 80 percent year-on-year in February, according to preliminary data published by the China Passenger Car Association (CPCA) and cited by media. Although the organization didn’t reveal the exact number of vehicles sold across the country,…

LVMH-Tiffany deal seen as uncertain: WWD

(Reuters) – French luxury goods group LVMH’s board called a meeting in Paris to discuss its $16.2-billion offer for Tiffany & Co (TIF.N) amid a deteriorating situation in the U.S. market, fashion trade publication WWD reported here on Tuesday, citing…