Core Viewpoint - The State Taxation Administration of China has announced the nationwide promotion of the "immediate refund" service for outbound travelers, enhancing the shopping experience for foreign tourists and potentially boosting the inbound tourism market [1][2]. Group 1: Policy Overview - The "immediate refund" policy allows foreign travelers to receive a refund in RMB at the point of purchase after signing an agreement and pre-authorizing a credit card, creating a "shopping-refund-reconsume" cycle [1]. - This policy is expected to significantly increase the attractiveness of shopping in China for foreign tourists, especially in conjunction with the "240-hour" visa-free policy and recent RMB exchange rate trends [1]. Group 2: Market Impact - Previous trials of the "immediate refund" policy in cities like Shanghai and Beijing have already shown substantial growth in inbound consumption, with the number of travelers, sales of refund-eligible goods, and total refunds increasing by 2.3 times, 1.2 times, and 1.3 times respectively in 2024 [2]. - Analysts predict that if the penetration rate of outbound tax refund travelers reaches 15%, it could result in approximately 21.8 million travelers annually, leading to a potential sales volume of 109 billion RMB in future years [3]. Group 3: Stock Market Reaction - Following the announcement of the "immediate refund" policy, stocks in the duty-free sector have surged, with companies like Zhongbai Group experiencing multiple trading halts due to price increases, and China Duty Free's stock rising over 24% in three trading days [3].

Group 1 - The core viewpoint of the article is that the optimization of the departure tax refund policy, such as "buy and refund immediately," will boost inbound tourism and retail, thereby stimulating domestic consumption [1] - The report references the development of Japan's tax refund policies, indicating that such optimizations have significantly driven growth in inbound tourism and increased sales through tax refund channels [1] - The long-term market potential for departure tax refunds is substantial, suggesting a broad market space for growth [1] Group 2 - The report recommends paying attention to tourism retail operators, tourism service providers, consumer infrastructure and related operators, scenic spots, and cross-border ecological service providers [1]

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Core Viewpoint - The State Taxation Administration of China has announced the nationwide promotion of the "immediate refund" service for outbound travelers, allowing them to receive tax refunds at the point of purchase, enhancing the shopping experience for international visitors [1][3]. Group 1: Service Innovation - The "immediate refund" service allows outbound travelers to receive tax refunds at the time of purchase, facilitating immediate consumption and providing a more convenient and diverse refund option [3]. - Chengdu has been a pilot city for this initiative, enhancing the shopping experience for international travelers and contributing to the city's development as an international consumption center [3]. Group 2: Data and Consumption Growth - Chengdu's first tax refund specialty district, Chunxi Road, was launched on July 20, 2023, with 429 tax refund shops in the city, a 34% year-on-year increase, including 49 "immediate refund" shops [4]. - The total tax refund amount in Chengdu reached nearly 30 million yuan, with sales exceeding 250 million yuan, representing over 400% year-on-year growth [4]. Group 3: Enhanced Consumer Experience - Eligible outbound travelers can directly claim their tax refunds at the Chengdu IFS service center after shopping, allowing them to use the refunded cash for further purchases, thus stimulating consumer enthusiasm [6]. - The Chengdu tax authorities plan to expand the "immediate refund" service coverage, with a second refund point set to open at SKP later this year [6][10]. Group 4: Cultural Integration - Chengdu tax authorities have collaborated with shopping districts to launch "Sichuan-made" and "Chengdu-made" specialty stores, allowing travelers to experience local cultural products while enjoying tax refund benefits [7].