Group 1 - The overseas traveler tax refund policy was officially implemented in Hubei province starting July 1, injecting new vitality into the Wuhan consumer market [1] - On the first day of implementation, stores like Wushang Dream Times and Wuhan SKP successfully completed multiple tax refund transactions [1] - The policy allows overseas travelers to receive a refund of value-added tax (VAT) on eligible purchases made in designated stores before departing from China [4] Group 2 - The tax refund process requires travelers to present their purchased items, identification, VAT invoices, and tax refund application forms at customs before departing [1] - The policy targets foreign travelers and residents from Hong Kong, Macau, and Taiwan who have stayed in mainland China for no more than 183 days [4] - A total of 57 designated tax refund stores have been announced in Hubei province, with 33 located in Wuhan, including major shopping centers [4]

Core Viewpoint - The implementation of the outbound tax refund policy in Hubei Province starting from July 1, 2025, aims to enhance the shopping experience for international travelers and stimulate economic growth [1][4]. Group 1: Policy Implementation - Hubei Province will officially implement the outbound tax refund policy for international travelers, allowing them to receive VAT refunds on eligible purchases made at designated stores [1]. - The first batch of 57 tax refund stores has been announced, covering multiple cities including Wuhan, Yichang, and Enshi, with 33 stores located in Wuhan alone [4]. Group 2: Service Points and Preparation - Hankou Bank has been designated as the tax refund agent and has established service points at three international airports: Wuhan Tianhe, Yichang Sanxia, and Enshi [3]. - The service points are equipped with staff to assist international travelers in processing their tax refunds efficiently [3]. Group 3: Refund Process and Technology - The tax refund process involves three main steps: issuance of VAT invoices and refund application forms by the stores, customs verification, and processing at the refund service points [5]. - Hankou Bank has introduced a "smart + manual" dual service model to enhance the refund experience, allowing travelers to complete the process in under five minutes [5]. Group 4: Future Developments - Hankou Bank plans to continue optimizing services and promote "immediate refund" measures, collaborating with various stakeholders to improve the shopping experience for international travelers in Hubei [6].

Core Insights - The optimization and expansion of the departure tax refund policy have led to a significant increase in inbound consumption from foreign travelers in China [1][6] - In the first month of the implementation of the optimized departure tax refund policy, the number of tax refund transactions increased by 116%, and sales in refund stores grew by 56% [1] - JD.com has officially obtained departure tax refund qualifications for its offline stores, including JD MALL and JD Electronics flagship stores, across 73 locations in 35 cities [1][3] Group 1: Departure Tax Refund Policy - The departure tax refund policy is a key initiative by China to enhance foreign tourism consumption and promote openness [6] - Foreign travelers can apply for a departure tax refund at designated counters in stores if their purchases exceed 200 RMB on the same day [3] - The maximum tax refund rate is 9%, providing a financial incentive for foreign shoppers [3] Group 2: JD.com's Strategy - JD MALL's tax refund stores are primarily located in major tourist cities such as Shanghai, Beijing, and Guangzhou, as well as cities with foreign trade advantages [3] - The stores offer over 50,000 products across more than 100 categories, including electronics and beauty products, appealing to foreign consumers [1][4] - JD MALL has enhanced the shopping experience for foreign customers by providing bilingual guides and options for product delivery to hotels [4] Group 3: Global Retail Trends - A delegation from Brazil's franchise association visited JD MALL, recognizing its online-offline integration and innovative shopping experience as a model for global retail transformation [6] - The successful implementation of the departure tax refund policy at JD MALL is expected to attract more international consumers and showcase quality Chinese products [6]

Core Points - The establishment of the first departure tax refund store in Heyuan marks the city's successful inclusion in the list of convenient departure tax refund cities, enhancing the shopping experience for international travelers [1][7] - The departure tax refund policy allows international travelers to receive a refund of value-added tax (VAT) on eligible purchases made at designated stores upon leaving the country [3] - Recent policy updates have lowered the minimum purchase amount for tax refunds from 500 RMB to 200 RMB, and increased the cash refund limit to 20,000 RMB [5] Group 1 - The Heyuan Municipal Bureau of Commerce and the Taxation Bureau actively responded to national policies by providing on-site services to merchants and facilitating the registration of departure tax refund stores [5] - The new departure tax refund store is located in the Wanlong City shopping center and is part of a broader initiative to enhance the attractiveness of Heyuan's inbound consumption market [7] - The implementation of the departure tax refund policy is a significant step towards deepening the city's opening-up and promoting high-quality development of the consumer market [7]

Core Viewpoint - The optimization of the departure tax refund policy is significantly boosting inbound consumption and expanding domestic demand in China [1][2][3] Group 1: Policy Implementation and Impact - The departure tax refund policy has led to a 116% year-on-year increase in the number of tax refund transactions and a 56% increase in sales at tax refund stores in its first month of implementation [1] - The number of departure tax refund stores has increased to 5,196, which is 1.4 times the number at the end of 2024 [1] - The policy includes eight measures aimed at expanding the number of tax refund stores, enriching the range of refundable goods, and improving service levels [1][2] Group 2: Economic and Market Implications - The policy is expected to enhance the shopping experience for foreign travelers, thereby increasing their willingness to spend and stimulating domestic consumption [2][3] - The growth of tax refund stores and the optimization of their layout are contributing to the prosperity of the retail sector, providing broader market opportunities for domestic enterprises [2][3] - The departure tax refund policy is seen as a key to unlocking a trillion-yuan inbound consumption market, facilitating China's transition from a "world factory" to a "global consumption hub" [3] Group 3: Regional Innovations and Developments - Various regions are innovating their processes and services, such as Beijing establishing centralized refund points and Shanghai introducing self-service tax refund machines [2][3] - Shenzhen has launched a "one order, one package" model for customs inspection and has set up a dedicated departure tax refund area at a national cultural industry expo [2][3] Group 4: Future Optimization Suggestions - There is potential for further optimization of the departure tax refund policy, including expanding the range of refundable goods and enhancing digital services for refunds [4] - Improving inter-departmental coordination and reducing unnecessary procedures can enhance visitor satisfaction [4] - Increasing awareness and usage of the policy through better promotion and considering international collaborations for tax refund services can further enhance China's attractiveness as a shopping destination [4]

为加大离境退税"即买即退"网点布局，6月16日，杭州市商务局发布的《"优享即买即退"打造国际消费名城实施细则》 （征求意见稿）中明确提出：对2025年新增离境退税"即买即退"网点给予企业每个网点最高不超过5000元的设备购置奖补。对 2025年离境退税销售额100万元以上的企业，给予离境退税（不含即买即退）增量销售额1.5%的奖励、"即买即退"增量销售额 2%的奖励。 近日，上海还升级了离境退税"即买即退"服务，通过与支付宝、中国银行合作，支持全球入境游客用支付宝"碰一下""扫一 下"办理即时退税，这也是全球入境游客首个"碰一下"退税服务，将进一步促进国际游客来华旅行和消费。 本报记者 吴文婧 见习记者 王楠 6月16日，财政部发布公告，自2025年7月1日起，大连市、湖北省将正式实施境外旅客购物离境退税政策，成为继海南、 北京、上海之后的新一批试点地区。随着试点区域不断拓展，各地也在围绕便利化、数字化持续优化配套机制，推动政策更加 高效落地。与此同时，越来越多企业正积极响应，争取入境消费带来的新增市场空间。 众和昆仑（北京）资产管理有限公司董事长柏文喜在接受《证券日报》记者采访时表示，离境退税扩围至大连市和 ...

Core Viewpoint - The implementation of the departure tax refund policy in Hubei Province and Dalian City starting from July 1, 2025, aims to boost inbound tourism and enhance the international appeal of these regions [1][2]. Group 1: Departure Tax Refund Policy - The departure tax refund policy allows foreign travelers to receive a refund of the value-added tax on goods purchased in designated stores when leaving the country [2]. - Since the pilot program began in Hainan Province in 2011, 27 provinces and cities have announced the implementation of the departure tax refund policy, with 22 currently in effect [2][3]. - The tax refund rate is set at 11%, and the policy aims to stimulate inbound tourism and consumer spending [2][3]. Group 2: Inbound Tourism Growth - Hubei Province has seen a significant increase in inbound tourism, with a 31% year-on-year growth in visitor numbers and a 39% increase in spending from January 1 to June 11, 2025 [1][5]. - The number of foreign visitors enjoying visa-free entry through Wuhan's airport has surged by 160.87% compared to the same period last year [1][5]. - The extension of visa-free stay to 240 hours and the expansion of activity areas have further enhanced Hubei's attractiveness as a travel destination [4][5]. Group 3: Policy Support and Initiatives - The local government has introduced various measures to optimize services for foreign visitors, including enhancing payment convenience and improving accommodation registration processes [5][6]. - The "Know Your Hubei" cultural tourism promotion activities planned for 2025 aim to expand the overseas tourism market and sustain the growth of inbound tourism [5]. - The authorities are committed to ensuring a safe and orderly environment for tourists, which is essential for establishing Hubei as a world-renowned cultural tourism destination [6].

下月起，离境退税政策实施新增两地。据财政部6月16日发布的消息，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。 目前，在离境退税政策优化扩容的助推下，境外旅客来华购物的热情正持续升温，入境消费潜力不断释 放。 中国数实融合50人论坛智库专家洪勇在接受《证券日报》记者采访时表示，我国扩大高水平对外开放政 策的落地见效，中国文化的国际影响力，以及支付和旅游服务的便捷性共同促进了入境消费的增长。其 中，优化离境退税政策等举措显著降低了境外旅客的消费成本，直接刺激了入境旅游消费。 4月份，商务部等六部门发布《关于进一步优化离境退税政策扩大入境消费的通知》（以下简称《通 知》），明确推动离境退税商店增量扩容、丰富离境退税商品供给、提升离境退税服务水平。 具体而言，《通知》提出下调离境退税起退点、将现金退税限额上调至20000元人民币等举措，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。 国家税务总局数据显示，《通知》中的政策措施实施首月（4月27日至5月26日），退税商店数量明显增 加，退税金额显著增长。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 ...

Economic Performance - In May, the national economy showed stable growth with industrial production increasing by 5.8% year-on-year, and equipment manufacturing and high-tech manufacturing growing by 9% and 8.6% respectively, outpacing the overall industrial growth by 3.2 and 2.8 percentage points [1] - The service sector's production index rose by 6.2% year-on-year in May, with significant contributions from information transmission, software, and IT services (11.2%), leasing and business services (8.9%), and wholesale and retail (8.4%) [1] - Retail sales saw a notable recovery, with total retail sales of consumer goods reaching 41,326 billion yuan, a year-on-year increase of 6.4%, accelerating by 1.3 percentage points from the previous month [1] Employment and Prices - The urban survey unemployment rate in May was 5%, a decrease of 0.1 percentage points from the previous month, indicating overall employment stability [2] - The Consumer Price Index (CPI) fell by 0.1% year-on-year and 0.2% month-on-month, while the core CPI, excluding food and energy, increased by 0.6% year-on-year, reflecting a slight acceleration in inflation [2] Investment and Trade - Fixed asset investment (excluding rural households) from January to May totaled 191,947 billion yuan, growing by 3.7% year-on-year, with a notable 7.7% growth when excluding real estate development investment [1] - The total value of goods imports and exports in May reached 38,098 billion yuan, with exports increasing by 6.3% and imports decreasing by 2.1% [1] Corporate Developments - GAC Aion faced employee stock valuation issues, with employees potentially recovering only 42% of their investments due to significant devaluation [5] - Tencent launched an algorithm competition with substantial rewards to attract global talent, supporting its recruitment efforts and enhancing its machine learning capabilities [5] - Xiaomi's automotive factory achieved a production capacity of 20,000 to 30,000 vehicles per month, showcasing high levels of automation [6] - Gree Titanium New Energy announced a court-ordered freeze on its 100% stake in Zhuhai Guangtong Automobile, stemming from past management issues, but stated that operations remain unaffected [6] International Developments - The U.S. Department of Justice is reviewing Alphabet's proposed $32 billion acquisition of cybersecurity startup Wiz for potential antitrust concerns [8] - Santos received a non-binding acquisition offer from a consortium led by Abu Dhabi National Oil Company, valuing the company at $18.7 billion [8] - MicroStrategy announced the purchase of 10,100 bitcoins for approximately $1.05 billion, bringing its total holdings to 592,100 bitcoins [9]

据中新网报道，中国财政部等部门16日公布，自7月1日起，大连市、湖北省实施境外旅客购物离境退税 政策。 公司方面，大连友谊、武商集团分别为大连、湖北本地零售股。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 江海证券认为，此前免税店针对的顾客包括国内消费者和国外旅游者，免税店主要以进口商品为主，国 产商品进入免税店比重较小，部分免税店销售国有商品其实是有税商品，且品类有限。此次即买即退政 策后，预计免税店会引入更多的国产商品，退税流程也将更加便捷。 此外，利好国内的商贸零售行业，特别是百货公司，百货公司可申请增加退税和"即买即退"业务，境外 旅客退税便利度提升。 社会服务方面，万联证券认为，"即买即退"服务措施全面推广，后续一系列政策推出有效提升我国国际 旅游吸引力，预计国际客流量将迎来较大增长，利好从事跨境业务的旅行社。 此外据南方财经网报道，目前，四川全省"即买即退"离境退税商店较新政策实施前的49家扩展至84家， 退税服务网络进一步扩大。 4月底，国家税务总局等六部门4月27日联合发布通知，离境退税起退点从500元下调至200元，并在转账 退税已明确不设上限的基础上， ...