Core Insights - Since April, China's outbound tax refund policy has been continuously optimized, significantly boosting the consumption activity of foreign travelers [1][2] - From January to September this year, the number of foreign travelers applying for tax refunds increased by 229.8%, while the refund amount rose by 97.4% [1] Group 1: Policy Enhancements - The State Taxation Administration issued a notice on April 8 to promote the "immediate refund upon purchase" service nationwide, enhancing convenience for travelers [1] - On April 26, six government departments jointly released a notification to further optimize the tax refund policy and expand inbound consumption [1] - The tax refund management measures were revised on April 27 to simplify the refund process and improve the experience for foreign travelers [1] Group 2: Service Improvements - System functionalities have been optimized, allowing for more efficient tax refund processing with a 45% increase in efficiency due to new features like automatic invoice information retrieval and QR code data entry [2] - Cross-regional processing has been encouraged, allowing travelers to enjoy "immediate refund upon purchase" services even when shopping and departure locations differ, with several regions already implementing mutual recognition of services [2] - Innovative refund methods have been introduced, including centralized refund points in major shopping areas and new features for mobile refunds, enhancing the efficiency of tax refunds [2] Group 3: Future Outlook - The tax authorities aim to continuously optimize the outbound tax refund services to attract more foreign travelers to shop in China, thereby enhancing the potential of inbound tourism consumption [2]

Core Insights - The number of outbound tax refund applications and the amount refunded have significantly increased, attributed to both the rise in foreign travelers and the simplification of the refund process [1][2] - The Chinese government has implemented a nationwide promotion of the "immediate refund upon purchase" service to enhance the experience for foreign travelers [2] Group 1: Tax Refund Growth - From January to September, the number of outbound tax refund applicants increased by 229.8% year-on-year, while the refund amount rose by 97.4% [1] - In the first three quarters, the total number of inbound and outbound travelers reached 510 million, a 14.3% increase compared to the same period last year [1] - In the third quarter alone, the number of foreign travelers at various ports reached 20.134 million, marking a 22.3% year-on-year increase [1] Group 2: Policy Enhancements - In April, the State Administration of Taxation expanded the "immediate refund upon purchase" service from pilot regions to nationwide [2] - A joint notice from six departments, including the Ministry of Commerce and the Ministry of Finance, aims to optimize the outbound tax refund policy and enhance the consumption environment for foreign travelers [2] - The tax authority has improved system functionalities, increasing the efficiency of tax refund issuance by over 45% [2]

Core Insights - The 138th Canton Fair has attracted over 190,000 foreign buyers, significantly boosting inbound consumption [1] - Guangzhou has seen a historical increase in tax refund applications, with over 4,800 applications amounting to more than 34 million RMB, marking a year-on-year growth of 7.4 times and 1.3 times respectively [1][8] - The introduction of "instant tax refund" services at the Canton Fair is enhancing the shopping experience for international visitors [2][3] Tax Refund Services - A dedicated tax refund area has been established at the Canton Fair, offering "instant buy and refund" services, allowing foreign visitors to process tax refunds on-site [2] - The use of mobile payment apps like Alipay for tax refunds has streamlined the process, enabling quick verification and refunds in multiple languages [2][3] - The tax refund threshold has been lowered to 200 RMB, which is expected to stimulate small purchases and increase transaction frequency [7] Visitor Experience - The integration of international bank card payment options in Guangzhou's metro system enhances the travel experience for foreign visitors [3] - The influx of foreign buyers has led to a 30% increase in foreign visitors at local shopping centers, with digital products accounting for 41% of sales [5] - Guangzhou's first city-based duty-free store has opened, allowing travelers to enjoy tax-free shopping and convenient pickup options [6] Economic Impact - The Canton Fair has contributed to a 13% year-on-year increase in passenger traffic at Guangzhou Baiyun Airport, with over 1.05 million travelers recorded [8] - The growth in tax refund applications at the airport since the fair began indicates a strong demand for consumer goods among international visitors [8] - The combination of duty-free shopping, tax refunds, and enhanced services is positioning Guangzhou as a leading international consumption center [7]

Core Viewpoint - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch held a press conference to discuss the financial operations in Shenzhen, highlighting measures to promote consumption and support various sectors through innovative financial products and services [1] Financial Support and Innovations - As of September 2025, 3,929 enterprises received loans totaling 47.606 billion yuan in the service consumption sector, achieving comprehensive policy support across six major areas [1] - The establishment of a specialized team to push industry department lists and the introduction of innovative financial products such as "Sports Industry Leap Loan" and "Sports Industry Intellectual Property ABS" [1] - A 100 million yuan technology sports industry fund was set up to further support the sector [1] Cross-Border Tax Refunds and Payment Solutions - Collaboration with the Shenzhen Municipal Taxation Bureau to create diverse channels for outbound tax refunds, establishing a "Shenzhen model" for cross-border tax refunds [1] - The launch of a cash refund service network at ports and business circles, integrating "electronic wallet + bank card" for domestic dual-channel electronic refunds [1] - The introduction of cross-border payment services for tax refunds and an instant refund model for overseas electronic wallets [1] Consumption Growth Metrics - From January to September 2025, various payment methods facilitated 132 million transactions worth 18.413 billion yuan for overseas travelers in Shenzhen, marking year-on-year increases of 27% and 32% respectively [1]

Group 1 - The 138th Canton Fair has concluded its first phase, with the second phase scheduled from October 23 to 27, attracting over 157,000 foreign buyers, significantly boosting inbound consumption [1] - From October 1 to 20, the amount of tax refund applications at Guangzhou port exceeded 27 million yuan, marking a 120% year-on-year increase and setting a historical record [1] - Guangzhou has nearly 800 tax refund stores covering all 11 districts, facilitating foreign buyers who are shopping during the fair [5] Group 2 - Since the opening of the Canton Fair on October 15, the number of foreign customers in a local mall has increased by 30%, with tax refund business growing over five times year-on-year [7] - Popular purchases among foreign buyers include high-tech digital products, luxury watches, and trendy clothing, with digital products accounting for approximately 41% of sales [7] - To enhance the development of outbound consumption, Guangzhou Customs has launched a "one order, one package" service for tax refunds, improving efficiency by about 70% [10] Group 3 - The Canton Fair has led to an increase in inbound and outbound travelers at various ports in Guangdong, with Shenzhen airport seeing a 25% year-on-year increase in foreign travelers from October 13 to 21, totaling over 47,000 [10][14] - Shenzhen airport is the closest open port to the Canton Fair, benefiting from rich international routes and favorable entry policies, contributing to a 50% increase in daily passenger flow compared to normal [14]

Core Viewpoint - The article focuses on the rapid growth of inbound consumption in China, driven by policies such as expanding visa-free access and optimizing tax refund processes, with an expected growth rate of over 40% this year, potentially boosting total retail sales by approximately 0.2 percentage points [2][4]. Group 1: Inbound Consumption Recovery - In 2024, inbound consumption is projected to recover to about 90% of 2019 levels, with inbound tourists expected to reach 132 million and total spending at $94.2 billion, which corresponds to 97.2% and 93.5% of 2019 levels respectively [4][12]. - The average spending per inbound tourist in 2024 is anticipated to be $714, slightly higher than $646 in 2023 but lower than $742 in 2019 [13]. - Major cities like Beijing are expected to exceed 2019 levels in inbound tourist numbers, while Shanghai and Shenzhen are projected to recover to over 80% of 2019 levels [13][14]. Group 2: Reasons for Growth - One key reason for the high growth in inbound consumption is policy support, including the expansion of visa-free access to 47 countries and mutual visa exemptions with 29 countries, resulting in a 14.9% increase in inbound travelers [5][20]. - The optimization of tax refund standards, such as lowering the minimum refund threshold to 200 RMB and promoting "immediate refund" services, has led to a 97.5% increase in sales of tax-refunded goods [5][22]. - Additional measures to facilitate inbound consumption include improved visa policies and services for foreign visitors, with cities like Beijing implementing innovative refund service models [5][22]. Group 3: Impact of Inbound Consumption - The expected increase in inbound consumption this year is estimated to add approximately 263.8 billion RMB to total retail sales, contributing about 0.2 percentage points to the overall retail sales growth [6][24]. - The combination of high consumption and low investment from foreign entities is seen as beneficial for restoring economic balance, with foreign investment declining by 15.4% while consumption grew by 6.9% [6][24]. - There remains significant potential for growth in inbound consumption, with its contribution to GDP currently at about 0.5%, compared to 1% to 3% in major global economies [7][24].

Core Points - The Canton Fair has introduced a "Departure Tax Refund Service Area" for the first time, allowing foreign buyers to enjoy the convenience of "buying and refunding" on-site [1][5] - Over 200 types of licensed products from the 15th Sports Games, cultural products from the Canton Fair, and must-buy city gifts from Guangzhou are available in the tax refund area [3] - The Guangdong Provincial Taxation Bureau has set up a centralized refund point for immediate tax refunds for eligible purchases made by foreign travelers [5][8] Policy Changes - Recent policy changes, including the reduction of the departure tax refund threshold to 200 yuan and an increase in the cash refund limit to 20,000 yuan, have further stimulated the consumption enthusiasm of Canton Fair guests and international tourists [8] - From October 1, foreign travelers can choose any designated port in Guangdong Province for departure after shopping at specified stores and enjoying the "buy and refund" service [12] Support Services - The organizers have provided volunteer services to assist guests and tourists with timely tax refunds [8] - Multilingual youth volunteers have been deployed in the departure tax refund service area to offer professional and language support to foreign consumers [10]

Core Viewpoint - The optimized departure tax refund policy in Fuzhou, Fujian, is enhancing the shopping experience for international tourists, making travel consumption more enjoyable and promoting Fuzhou brands further abroad [1] Group 1: Policy Impact - The "immediate refund" service is providing convenience for tourists, leading to increased consumer satisfaction [1] - Fuzhou has capitalized on the development opportunities in the cultural and tourism market by opening multiple cultural and tourism stores [1] Group 2: Business Growth - Over 400 traditional brands and intangible cultural heritage products are now available in Fuzhou, showcasing local offerings [1] - The number of departure tax refund stores in Fuzhou has reached 52, with the issuance of tax refund application forms increasing by 3.16 times compared to the same period last year [1]

Core Insights - Qingdao is becoming a popular destination for inbound consumption, driven by policies such as visa-free travel and optimized tax refund processes for foreign tourists [1][4] - The city has seen a significant increase in international consumer engagement, with a notable rise in the number of tax refund stores and foreign visitors [1][2] Group 1: Inbound Consumption Growth - Qingdao has added 42 new tax refund stores this year, more than doubling the previous count, which is attracting international consumers [1] - The city received 442,000 foreign visitors in the first nine months of the year, marking a 43.5% year-on-year increase [4] Group 2: Consumer Preferences and Trends - Foreign tourists are increasingly purchasing local products such as Tsingtao beer, with the Tsingtao Beer Museum seeing a 130% increase in foreign visitors during the recent holiday period [3] - High-end shopping areas like Hisense Plaza are attracting international customers, particularly from South Korea, due to the availability of rare and limited products [2] Group 3: Enhanced Consumer Experience - The city is improving service experiences for foreign visitors by providing multilingual signage and services, making it easier for them to navigate and enjoy their time in Qingdao [4] - Payment services are being optimized, with several malls, including Hisense Plaza, becoming payment-friendly for foreign tourists, allowing them to use their preferred electronic wallets [4][5]

Core Insights - China's inbound tourism is experiencing significant growth, with foreign arrivals reaching 51.268 million in the first eight months of the year, a year-on-year increase of 27.8% [1] - The Chinese government is implementing policies to enhance service consumption and facilitate inbound tourism, including optimizing visa policies and improving services for foreign visitors [1] Group 1: Inbound Tourism Growth - The average daily number of inbound and outbound travelers during the recent National Day and Mid-Autumn Festival holiday exceeded 2 million, indicating a robust recovery in the inbound tourism market [1] - The expansion of China's visa-free policies has contributed to the increase in foreign tourist arrivals, with 47 countries benefiting from unilateral visa exemptions and 29 countries enjoying mutual visa-free agreements [6] Group 2: Payment Solutions for Foreign Tourists - The payment experience for foreign tourists has improved significantly, with a reported 60% increase in daily visits to mini-programs related to inbound tourism on WeChat during the holiday period [2] - Alipay's new "tap-to-pay" feature has seen a 500% increase in transaction volume during the recent holiday, addressing the payment preferences of foreign visitors [3] Group 3: Tax Refund and Shopping Experience - Shenzhen has seen a remarkable increase in tax refund sales, reaching 740 million yuan in the first eight months of 2025, a year-on-year growth of 189% [5] - The city has implemented innovative tax refund services, including a "one order, one package, one code" model, enhancing the efficiency and experience of tax refunds for foreign tourists [5] Group 4: Consumer Ecosystem for Foreign Tourists - The competition for attracting foreign tourists is shifting towards creating a friendly consumption ecosystem, with businesses adapting to meet the needs of international customers [6] - In the Huaqiangbei electronics market, foreign customer traffic has increased significantly, with daily foot traffic reaching 750,000, a 50% year-on-year increase, and over 7,000 foreign visitors [8]