Core Viewpoint - The Chinese government is optimizing the departure tax refund policy to enhance inbound consumption and improve the shopping experience for foreign travelers, which is seen as a crucial step in boosting domestic consumption and promoting high-level opening-up of the economy [3][4]. Group 1: Policy Overview - The departure tax refund policy allows foreign travelers to receive a refund of the value-added tax (VAT) on goods purchased in China when they leave the country, which is a common practice internationally [3]. - Since its implementation in 2015, China has offered a significant refund rate of 11% on most goods, effectively refunding the entire VAT [4]. - The new policy aims to address issues such as the limited number of tax refund stores and the lack of diverse product offerings, proposing eight measures to enhance the shopping experience [4][5]. Group 2: Key Measures - The policy encourages the establishment of more tax refund stores in high-traffic areas such as shopping districts, tourist attractions, and airports, while relaxing the conditions for store registration [5][6]. - The minimum purchase amount for tax refunds has been reduced from 500 yuan to 200 yuan, expanding the range of eligible products to include more domestic brands and specialty items [5][6]. - The cash refund limit has been increased from 10,000 yuan to 20,000 yuan to accommodate diverse payment preferences among foreign travelers [7]. Group 3: Market Potential - In 2024, China's total inbound traveler spending is projected to reach 94.2 billion USD, reflecting a year-on-year growth of 77.8%, indicating significant growth potential in inbound consumption [4]. - The share of inbound consumption in China's GDP is approximately 0.5%, compared to 1% to 3% in major countries, highlighting room for growth [4]. Group 4: Implementation and Efficiency - The customs authority has outlined measures to enhance the efficiency of tax refund verification, including ensuring that refund items are carried by travelers and are in unused condition [8]. - The Civil Aviation Administration of China is working to increase international flight services and improve airport facilities to better serve foreign travelers [8].

国家税务总局数据显示，政策措施实施首月，全国税务部门办理离境退税笔数同比增长116%，退 税商店销售额同比增长56%；"即买即退"业务试点推广至全国，办理数量同比增长32倍，销售额比去年 同期增长50倍；新增离境退税商店1303家，全国离境退税商店已增至5196家，为2024年底的1.4倍。 据国家税务总局货物和劳务税司有关负责人介绍，政策措施实施以来，税务总局进一步加强部门协 同，及时升级优化信息系统，加大政策宣传辅导力度，指导各地税务机关深入商圈、企业讲解政策内 容，发布覆盖14个语种的退税指南和商店指引，有力推动离境退税服务便利化水平持续提升。 新华社北京6月10日电（记者申铖）记者10日从国家税务总局了解到，优化离境退税政策实施首月 （4月27日至5月26日），全国税务部门办理离境退税笔数同比增长116%，退税商店数量明显增加，退 税金额显著增长，为吸引境外旅客来华购物、激发入境消费潜力提供积极助力。 为营造优质便捷的境外旅客来华旅游和消费环境，国家税务总局会同商务部等六部门于4月27日发 布通知，进一步优化离境退税政策和服务措施。 【纠错】 【责任编辑:吴京泽】 ...

记者16日从财政部获悉：大连市、湖北省自2025年7月1日起，按照有关规定实施境外旅客购物离境 退税政策。 离境退税，是指境外旅客离境时，对其在退税商店购买的商品退还增值税的政策。全国符合条件的 地区，经财政部、海关总署、国家税务总局备案后，均可实施离境退税政策。 财政部当日表示，大连市、湖北省根据有关规定，就其境外旅客购物离境退税政策实施方案向财政 部、海关总署和国家税务总局申请备案，经审核，予以备案。（记者王观） 【纠错】 【责任编辑:张樵苏】 ...

Core Insights - The implementation of the new tax refund policy in Shenyang has significantly increased the number of tax refund stores, enhancing the shopping experience for international travelers [3][4][6] - The policy aims to stimulate consumption and attract more foreign tourists to Shenyang, thereby boosting the local economy [5][6] Group 1: Policy Implementation - Since the introduction of the new tax refund policy, the number of tax refund stores in Shenyang has risen from 34 to 138, with a 146% increase in the number of tax refund applications [4] - The policy encourages the establishment of tax refund stores in major shopping areas, tourist attractions, and cultural sites, expanding the coverage of tax refund services [3][4] Group 2: Consumer Experience - All 138 tax refund stores in Shenyang now offer "instant refund" services, allowing travelers to receive their tax refunds immediately after purchase [5][6] - The process for obtaining tax refunds has been streamlined, making it easier for international travelers to complete their transactions [5][6] Group 3: Economic Impact - The reduction of the minimum purchase amount for tax refunds to 200 yuan has incentivized more foreign travelers to shop, particularly for cultural and specialty products [6] - The new tax refund policy is expected to enhance Shenyang's international appeal and contribute to high-quality economic development [6]

Group 1 - The expansion of visa-free policies in China has significantly boosted inbound tourism, with 29 countries now having full mutual visa exemption and 46 countries benefiting from unilateral visa-free access [2] - In the first half of the year, the number of foreign visitors entering China reached 38.05 million, a year-on-year increase of 30.2%, with visa-free entrants totaling 13.64 million, up 53.9% [2] - Following the announcement of a temporary visa-free policy for Chinese group tourists by the South Korean government, online travel platform searches surged, with a 70% increase in searches for Seoul within half an hour [2] Group 2 - The optimization of the departure tax refund policy has enhanced the shopping experience for foreign tourists, with measures including lowering the refund threshold to 200 RMB and promoting "buy and refund" services nationwide [3] - In the first half of the year, the sales amount for departure tax refunds nearly doubled, and the number of refund stores exceeded 7,200, marking an 80% increase compared to the end of 2024 [3] - Local governments are launching initiatives to improve the departure tax refund environment, with Shanghai aiming to become a benchmark city for refund services and Fujian Province accelerating the establishment of refund stores [3]

Core Insights - China's service trade has shown strong growth in the first half of the year, particularly in travel services, which reached 1,080.29 billion yuan, a year-on-year increase of 12.3%, making it the largest sector in service trade [1] - Travel service exports have surged by 68.7%, marking it as the fastest-growing area within service trade [1] Group 1: Policy Impact - The growth in travel services is attributed to optimized policies such as departure tax refunds and transit visa exemptions, which have enhanced China's attractiveness as a tourist destination [1] - The expansion of China's visa-free "circle" has contributed to the rising popularity of "China tours" [2] Group 2: Visitor Statistics - In the first half of the year, the number of foreign visitors entering and exiting China reached 38.053 million, a year-on-year increase of 30.2%, with visa-free entrants totaling 13.64 million, up 53.9% [2] Group 3: Policy Measures - In April, the Ministry of Commerce and other departments issued measures to further optimize departure tax refund policies, including lowering the refund threshold to 200 yuan and promoting "immediate refund" services nationwide [2] - The number of departure tax refund stores exceeded 7,200, an increase of approximately 80% compared to the end of 2024 [2] Group 4: Regional Initiatives - Local governments are launching initiatives to enhance the travel service environment, such as Shanghai's plan to become a benchmark city for departure tax refunds by improving service quality and product variety [3] Group 5: Future Recommendations - To further enhance the competitiveness of China's travel services, recommendations include optimizing entry and exit policies, deepening cultural and tourism integration, and improving service quality through better training for industry professionals [3]

Core Insights - The "Buy in China" initiative has shown initial success this year, with various themed activities such as International Consumption Season and Service Consumption Season being organized to boost domestic and international consumer engagement [1][2][3] Group 1: Policy and Activities - The initiative is driven by a combination of policies and activities, with the Ministry of Commerce and other departments guiding local governments to enhance consumer experiences through diverse offerings and improved shopping environments [2][3] - The optimization of the departure tax refund policy is a key component, aimed at attracting foreign tourists and stimulating consumption, with measures introduced to facilitate shopping for inbound travelers [3][4] Group 2: Regional Innovations - Local governments are actively launching innovative measures tailored to their unique characteristics, such as Shanghai's action plan to enhance the international consumption environment and Fujian's efforts to develop departure tax refund stores [4][5] - Shenzhen has leveraged its technological advantages to host events like the "Smart Summer Brand Exhibition," showcasing innovations in consumer technology and contributing to a surge in consumption [4][6] Group 3: Consumer Trends and Data - During the May Day holiday, Shenzhen saw a 188% increase in inbound travel orders, generating tourism revenue of 5.432 billion yuan, a 40.8% year-on-year increase [5] - In the first half of the year, Shenzhen's total retail sales of consumer goods reached 494.868 billion yuan, with a year-on-year growth of 3.5%, indicating robust consumer spending [6] Group 4: Inbound Tourism Growth - The number of foreign visitors entering China has steadily increased, reaching 38.053 million in the first half of the year, a 30.2% year-on-year growth, with visa-free entry for foreign visitors also rising significantly [7] - Various regions are enhancing their shopping, dining, and tourism offerings to create a more appealing environment for international travelers, with events like the Shanghai Summer International Consumption Season attracting millions of visitors [7][8]

外籍人员来鄂热情高涨 随着各项免签便利政策的推广和湖北各城市国际知名度的提升，外籍人员来鄂热情高涨，2025年湖北边 检总站查验出入境外籍人员22万余人次，主要集中在美国、韩国、越南、马来西亚、泰国等国家，旅 游、探亲、商务是他们来鄂主要目的。 值得注意的是，在湖北6个开通国际（地区）航线的口岸中，外籍人员占比最高的口岸是恩施机场。恩 施边检站负责人表示，恩施许家坪国际机场口岸近日迎来重要里程碑——自2025年4月国际航线复航以 来，该口岸出入境人员流量已成功突破1万人次，且出入境外籍旅客占比高达69.12%，越南、蒙古国等 国旅客成为客流主力。这一数据的背后，是恩施打造世界级旅游目的地吸引力的显著提升。 1至7月出入境人员增长23.6% 统计数据显示，2025年1至7月，湖北边检总站在各口岸查验出入境人员累计已达100万人次，居中部六 省第一，较去年同期增长23.6%。查验出入境交通工具1.3万余架次（艘次），同比增长89.4%。2024年1 月至9月中旬，湖北口岸出入境流量突破百万人次，2025年比2024年提前一个半月实现这一目标。 湖北目前共有武汉天河国际机场、鄂州花湖国际机场、宜昌三峡国际机场、恩施 ...

创新药赛道一骑绝尘 基金经理：超额收益并非短期现象 Wind数据显示，截至7月31日，来自华泰柏瑞基金、万家基金、汇添富基金旗下的港股创新药主 题ETF今年以来回报率均超过100%。 A股 中央政治局会议释放八大信号 事关财政、货币政策和资本市场等 7月30日，中共中央政治局召开会议，决定今年10月召开二十届四中全会，研究关于制 定"十五五"规划的建议。 杠杆资金加速进场 融资余额逼近2万亿关口 资金端暖意绵绵 截至7月29日，A股融资余额达到1.97万亿元，续创2015年7月3日以来新高。同时，自7月21日 以来，A股单日融资买入额占A股成交额的比例连续7个交易日突破10%。 月内券商调高25只个股评级 电子、医药生物等赛道被看好 Wind资讯数据显示，截至7月29日，月内券商合计调高了25只个股的评级，调低了26只个股的 评级，首次覆盖273只个股。 离境退税政策持续优化 "中国游"热度持续提升 今年1月份至6月份，国内离境退税商店数量成倍增加，已超过7200家，享受退税人数同比增长186%，退税 商品销售额及退税金额同比分别增长94.6%和93.2%。 今年8000亿元项目清单全部下达——"两重"建设稳 ...

Core Insights - The departure tax refund policy plays a significant role in attracting foreign tourists and stimulating consumption, with a nearly 100% year-on-year increase in nationwide departure tax refund sales in the first half of the year [1] - The "Shopping in China" initiative has become a popular choice for both domestic residents and international tourists, supported by various promotional activities [1] Group 1: Policy and Activities - The "Shopping in China" series of activities is characterized by a synergistic approach of "policy + activities," with the Ministry of Commerce and other departments issuing guidelines to enhance the attractiveness of the initiative [2] - Departure tax refund sales have nearly doubled year-on-year, with over 7,200 departure tax refund stores established, representing an approximately 80% increase compared to the end of 2024 [2] Group 2: Regional and Cultural Integration - Local regions leverage their unique resources and cultural characteristics to organize distinctive "Shopping in China" events, catering to diverse consumer needs [2] - For instance, Shenzhen showcased technological innovations through a "Smart Summer Brand Exhibition," while Guangxi promoted local agricultural products through the "ASEAN Fruit Gathering in Guangxi" event [2] Group 3: Multi-Dimensional Consumption Experience - Various regions focus on integrating shopping, dining, tourism, and cultural performances to create diverse consumption scenarios [3] - Shanghai's "Summer in Shanghai International Consumption Season" featured ten flagship activities, attracting approximately 2.6 million visitors to the "Ancient Egyptian Civilization Exhibition" [3] - The Tianjin "Haihe International Consumption Season" implemented a "Ticket Discount Plan" to enhance the synergy between exhibitions, performances, and events, unlocking the potential for multi-scenario consumption [3] Future Directions - The Ministry of Commerce plans to continue guiding local governments in organizing the "Shopping in China" series, aiming to provide richer offerings, higher quality services, and more diverse experiences for both domestic residents and inbound tourists [3]