Hainan's new duty-free policy has been in effect for three months. Haikou Customs controlled 8.61 billion yuan of duty-free purchases, up 227.5% from last year. During the 2020 National Day and Mid-Autumn Festival, the duty-free boom in Hainan continued to intensify, with sales of 1.04 billion yuan in 8 days and an average daily sales of 130 million yuan.
The duty-free policy is a profitable resource of the Hainan Free Trade Port. Many industries in Hainan have benefited from the duty-free policy this year. Thanks to the favorable policies of the Yangpu Registration Port and other free trade ports, in the first three quarters, the decline in the value added of the Hainan transport industry decreased by 12.9 percentage points compared to the first half of the year, and its role in stimulating GDP growth increased by 0.7 percentage points in compared with the first half of the year.
In the first three quarters, investment in fixed assets (excluding rural households) increased by 8.4% year-on-year, and the growth rate was 5.4% faster than in the first half, achieving positive growth for 7 consecutive months. The leading role of large projects has been increased. In the first three quarters, completed investments in non-real estate investment projects, with a total planned investment of over RMB 1 billion, accounted for 48.1% of the province's investment, which resulted in an increase in investment in the province by 4 percentage points and played a positive role in promoting sustainable restoration of investment in the province.
Since May 2020, total retail sales of consumer goods in Hainan Province have grown for five consecutive months from the previous year. Thanks to strong growth in the consumption of duty-free goods and automobiles, total retail sales of consumer goods in the province increased 17.7% in the third quarter over the same period last year. The renewal of the consumption structure continues. You can watch hundreds of videos of excursions on the island of Hainan here: https://vk.com/videos-51202698
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