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 Insights - The implementation of the new departure tax refund policy has significantly increased the volume and value of tax refund claims from May to August 2023, with a notable growth in both metrics compared to the first four months of the year [1] - The policy aims to stimulate inbound tourism consumption and related industry development, reflecting a strategic move by the government to enhance consumer spending [1] Group 1: Departure Tax Refund Statistics - From May to August 2023, Haikou Customs verified a total of 1,274 departure tax refund items, with a total refund amount of 19.085 million yuan, representing increases of 86.5% and 232.1% respectively compared to January to April [1] - In August 2023 alone, Haikou Customs verified 533 departure tax refund items, marking a month-on-month increase of 92.4% and a year-on-year increase of 67.6%, achieving the largest growth rate of the year [1] - The total refund amount in August reached 7.875 million yuan, which is a 10.4-fold increase compared to the same month last year [1] Group 2: Policy Changes and Impact - The Ministry of Commerce and other departments issued a notice to optimize the departure tax refund policy, lowering the minimum refund threshold from 500 yuan to 200 yuan and easing the conditions for tax refund store registration [1] - The number of registered departure tax refund stores in Sanya increased dramatically from 11 to 60, leading to a wider variety of refundable goods [1] - Haikou Customs has enhanced its promotional efforts and streamlined the verification process, establishing a 24-hour dedicated tax refund service to improve customer experience and efficiency [2]

Group 1 - Qingdao is enhancing inbound consumption by promoting international consumer attraction and optimizing tax refund policies, resulting in a sales increase of 18.87 million yuan, a 57.1% year-on-year growth [1] - The city has implemented a comprehensive plan to expand international consumption, focusing on 22 key areas including dining, accommodation, and entertainment, while also supporting the integration of duty-free and foreign trade [1][2] - The number of duty-free stores in Qingdao has increased to 71, with 29 new stores added, marking a 69% year-on-year growth [1] Group 2 - Qingdao is hosting various events to attract international consumers, including the Huabiao Awards, which featured 39 activities and garnered over 300 million views through live streaming [2] - The city is developing unique consumption IPs such as "Romantic Qingdao" and "Bao Island Food," with over 500 businesses participating in related events, leading to a total transaction amount of 720 million yuan [2] - Qingdao has become one of the top ten popular destinations for inbound tourism during the May Day holiday, with 2.117 million visitors attending various cultural and entertainment activities [2] Group 3 - The Qingdao Municipal Bureau of Commerce plans to further optimize the "immediate refund" process for outbound travelers shopping in duty-free stores, aiming to enhance the efficiency of tax refund services [3]

Core Insights - The sales of "immediate purchase and refund" products in Shenzhen have increased by over 20 times year-on-year [1] - The total sales of goods eligible for departure tax refunds in Shenzhen have grown by more than 2.1 times from January to May this year [1] - Shenzhen's tax authority is collaborating with the municipal commerce bureau to select over 100 new departure tax refund stores [1]

Core Points - The Guangzhou government is implementing measures to develop the city into an international consumption center by 2025 [1] Group 1: Policy Implementation - The city will promote the opening of domestic duty-free shops to enhance consumer options [1] - A work plan to improve the effectiveness of the outbound tax refund policy has been issued, which includes optimizing the layout of tax refund stores and expanding product categories [1] - The introduction of "buy and refund immediately" measures is aimed at streamlining the tax refund process for consumers [1] Group 2: Consumer Promotion Activities - Consumer promotion activities and inbound tourism products will be launched in conjunction with key international exhibitions such as the Canton Fair to enrich consumer offerings [1]