Core Viewpoint - Shenzhen aims to optimize and upgrade its traditional industries through 12 policy measures, targeting a total scale of over 700 billion yuan in three years [1][2]. Group 1: Policy Measures - The 12 policy measures include optimizing the industrial policy system to support enterprise growth [1]. - Strengthening fund empowerment to create a diversified investment strategy [1]. - Accelerating core technology breakthroughs to promote high-end development of traditional industries [1]. - Embracing artificial intelligence to cultivate new momentum in traditional industries [1]. - Utilizing various special funds to assist traditional enterprises in digital transformation [1]. - Implementing a "three products" strategy to create over 100 popular products [1]. - Enhancing promotion to strengthen the reputation of Shenzhen's traditional industries [1]. - Organizing high-end exhibitions and competitions to establish industry benchmarks [1]. - Actively building platforms to help enterprises expand their markets [1]. - Coordinating resources to provide "one-stop" services for enterprises [1]. - Optimizing industrial spatial layout to create industrial clusters [1]. - Improving talent recruitment systems to gather necessary human resources for industrial development [1]. Group 2: Digital Transformation Initiatives - Shenzhen's Industrial and Information Technology Bureau supports the establishment of digital promotion centers in key traditional industries [2]. - A digital transformation support plan has been set up, providing funding for enterprises to undergo digital upgrades and integrate AI technology [2]. - The funding covers up to 20% of the approved digital transformation costs, with a maximum of 5 million yuan per project [2]. - By 2027, Shenzhen aims to add over 10 Chinese consumer brands in traditional industries and create over 100 cross-industry fashionable products and national trend products [2]. - The goal is to facilitate digital transformation for over 100 traditional enterprises within three years, promoting widespread adoption of cloud computing and data intelligence [2]. Group 3: Industry Highlights - Shenzhen ranks first in the country for industrial output value in the gold and jewelry sector, with high-end women's clothing brands leading nationally [2]. - The mid-to-high-end eyewear production accounts for approximately 50% of the global market [2]. - Shenzhen is home to seven of China's top ten watch companies [2].

文 ｜ 姜娅 陈聪 杨清朴 杜一帆 刘济玮 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完善。近日国家税务总局发布离境退税管理 办法修订细则，三方面推动前期离境退税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容覆 盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受益；③进一步提升退税便利度。根据我们测算 乐观假设下离境退税市场潜在空间近千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板块包 括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营商、出行服务提供商、景区目的地。 ▍ 离境退税管理办法修订细则发布，"即买即退"推广加速落地。 4月2 6日国家税务总局发布关于修改《境外旅客购物离境退税管理办法（试行）》的公告，从推动退税商店增量扩容、丰富退 税商品供给、提升离境退税服务水平3个方面提出8条政策举措，有望推动"即买即退"推广加速落地。具体来看： 2）额度优化拓宽场景，品类明晰下优质国货受益。 额度上，单笔消费退税上限从5万元提升至1 0万元，现金退税限额从1万元 上调至2万元，起退点从同 ...

Core Viewpoint - The recent optimization of the departure tax refund policy aims to stimulate inbound consumption by lowering the threshold for tax refunds and enhancing the shopping experience for foreign travelers [1][10]. Policy Changes - The threshold for departure tax refunds has been reduced from 500 yuan to 200 yuan, allowing more travelers to benefit from the policy [2][6]. - The cash refund limit has been increased from 10,000 yuan to 20,000 yuan, while other refund methods have no limit, making it easier for travelers to claim refunds [8][9]. Market Impact - The policy is expected to enhance the shopping experience for foreign travelers by providing a wider range of shopping options and improving the quality of tax refund services [3][10]. - The reduction in the refund threshold is anticipated to attract more specialty shops and souvenir stores into the tax refund program, thereby promoting domestic product sales [7][10]. Economic Significance - In 2024, inbound traveler spending is projected to account for approximately 0.5% of China's GDP, indicating significant growth potential compared to 1% to 3% in major countries [11]. - The departure tax refund policy is seen as a crucial strategy to lower shopping costs for foreign travelers, thereby attracting more visitors and boosting overall consumption [11].

Core Viewpoint - The Ministry of Commerce and five other departments have issued a notice to optimize the exit tax refund policy, aiming to enhance inbound consumption and attract more foreign tourists to China [1][3]. Group 1: Policy Changes - The exit tax refund threshold has been lowered from 500 yuan to 200 yuan, and the cash refund limit has been increased from 10,000 yuan to 20,000 yuan [5][6]. - The notice encourages the establishment of tax refund shops in various locations such as tourist attractions, hotels, and airports to expand the coverage of tax refund services [2][3]. Group 2: Market Impact - In the first quarter, the number of inbound foreign tourists reached 9.215 million, a year-on-year increase of 40.2%, indicating a growing interest in travel to China [3][5]. - The measures are expected to enrich market supply and promote the sale of domestic products, enhancing the shopping experience for foreign tourists [5][7]. Group 3: Service Enhancements - A national comprehensive information service platform for exit tax refunds will be established to provide one-stop services for foreign tourists, including shop queries and refund consultations [6][7]. - The tax authorities will improve the dynamic map of tax refund shops and provide multilingual guides to cater to the needs of different nationalities [6][7].

Core Points - The Ministry of Commerce and five other departments have issued a notice to further optimize the departure tax refund policy and expand inbound consumption [1][2] - The notice lowers the threshold for departure tax refunds, allowing foreign travelers to apply for refunds on purchases of at least 200 RMB in the same store on the same day [1] Group 1: Policy Measures - The notice includes eight specific measures aimed at promoting the expansion of departure tax refund stores, enriching the supply of refund-eligible products, and enhancing the service level of tax refunds [1] - It encourages the establishment of tax refund stores in various locations such as major shopping districts, pedestrian streets, tourist attractions, and airports to increase coverage [1] - The notice relaxes the registration conditions for tax refund stores, allowing new stores to qualify under certain conditions, in addition to the existing A and B tax credit levels [1] Group 2: Product Supply and Services - The notice emphasizes improving the supply of refund-eligible products by guiding stores to enhance their offerings based on foreign traveler demand, including high-quality products like time-honored brands and cultural creative products [1] - It promotes the "Buy in China" campaign to support local initiatives in creating high-quality specialty products that can be sold in tax refund stores [1] - The notice also optimizes departure tax refund payment services by raising the cash refund limit to 20,000 RMB and encouraging collaboration between refund agencies and payment institutions to offer diverse payment options [2]