Group 1 - The Shanghai Municipal Commission of Commerce and six other departments have jointly developed the "Shanghai Action Plan for Optimizing the Departure Tax Refund Consumption Environment (2025-2027)" to establish Shanghai as a benchmark city for departure tax refunds with a well-structured network of outlets, diverse product offerings, and excellent customer service [1] - By 2027, the plan aims to have over 3,000 departure tax refund stores and more than 10,000 outlets, with over 80% of stores offering "buy and refund" services and over 80% of commercial hubs having centralized refund service points [1] - The departure tax refund consumption scale is expected to quadruple compared to 2024, with the share of domestic brand tax refund sales increasing to over 30% [1] Group 2 - The plan includes increasing the supply of high-quality domestic brand products, such as time-honored brands, smart products, intangible cultural heritage products, and sports goods [2] - The convenience of departure tax refunds will be enhanced by installing smart terminals, expanding refund channels, and introducing verification convenience measures [2] - The action plan specifies that foreign travelers can apply for departure tax refunds if they purchase tax refund items worth 200 yuan in the same store on the same day, with the cash refund limit for "buy and refund" raised to 20,000 yuan [2]

Core Viewpoint - The newly released "Beijing Old Brand Recognition Management Measures" aims to enhance the recognition of old brands by focusing on their cultural and economic value, rather than just their historical longevity [1][2]. Group 1: Recognition Criteria - The new regulations require that brands must have been established for at least 50 years and possess distinct Chinese cultural characteristics and regional features [1]. - The emphasis has shifted from merely being "old" to also being "good," highlighting the importance of quality and value in addition to historical significance [1]. Group 2: Impact on Consumption and Employment - Old brands play a significant role in promoting consumption, stabilizing employment, and preserving culture, with Beijing having 274 recognized old brands across various sectors as of last November [1]. - During the recent "May Day" holiday, many old brand stores experienced a surge in customer traffic, demonstrating their strong consumer appeal and cultural influence [1]. Group 3: Challenges and Opportunities - Despite their historical significance, some old brands face challenges such as outdated concepts and conservative products, leading to marginalization in the market [1]. - There is a need for these brands to resonate with younger consumers, as relying solely on nostalgia is insufficient for sustainable growth [1]. Group 4: Dynamic Management Mechanism - To activate old brand resources, a dynamic management mechanism should be established, transitioning from "recognition of qualifications" to "stimulating vitality" [2]. - The proposal includes the creation of an "Old Brand Vitality Index" to regularly assess brand performance, social reputation, and innovation capabilities, thereby enhancing social recognition [2]. Group 5: Cultural Significance - Revitalizing old brands is not only about expanding consumption and stimulating domestic demand but also about awakening urban cultural genes and fostering cultural confidence [2]. - Optimizing the system to invigorate brand vitality will help transform "visible history" into a "sustainable future," allowing more old brands to become "new classics" of the era [2].

Group 1 - The core initiative is the "2025 Purchase in Guangxi - Boutique Shopping Month" series, which aims to distribute over 1 billion yuan in consumer benefits through various discounts and promotions [1] - The event will take place in May and is themed "Purchase in Guangxi · Beautiful Life," focusing on five major areas: renewing life, affordable living, quality living, joyful living, and convenient living [1][2] - Nearly 500 events will be launched to stimulate consumer spending and promote a vibrant market in the second quarter [1] Group 2 - The program includes significant subsidies for trade-ins, such as up to 20,000 yuan for old cars, 600 yuan for electric bicycles, and 2,000 yuan for 24 categories of home appliances [1] - Consumer vouchers will be distributed, including 1.28 million supermarket vouchers available on the Yunshangfu platform and 8% off accommodation vouchers on the "One Key Tour Guangxi" platform [1][2] - A "Global Same Style · Guangxi Exclusive" foreign trade product exhibition will be organized to promote local products through various sales channels, including e-commerce and live streaming [2] Group 3 - The initiative will also focus on nighttime consumption with over 300 themed activities across 14 cities, promoting night shopping, dining, and entertainment [2] - Collaboration with payment platforms like Alipay will facilitate smart payment solutions for 80,000 merchants in key cities [2] - The Business Department will work with various cities to create a comprehensive consumption festival combining policies, activities, and scenarios [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 optimization of the "departure tax refund" policy in China aims to enhance the shopping experience for foreign tourists, thereby stimulating inbound consumption and promoting cultural exchange [2][6]. Policy Implementation - The Chinese government has implemented a series of measures to facilitate inbound tourism, including visa exemptions for 38 countries and extended transit visa policies for 54 countries [2]. - The "departure tax refund" policy has been in place since 2015, and its optimization coincides with its 10th anniversary [2][6]. Economic Impact - In 2024, China is expected to receive 26.94 million foreign tourists, a 96% increase year-on-year, with total spending reaching $94.2 billion, up 77.8% [2]. - The share of inbound tourist spending in China's GDP is projected to be about 0.5% by 2024, compared to 1% to 3% in major countries, indicating significant growth potential [6]. Tax Refund Details - The tax refund rate is set at 11%, allowing foreign tourists to receive up to 1,100 RMB for every 10,000 RMB spent, although actual refunds are typically around 900 RMB after fees [3]. - The number of foreign tourists benefiting from the tax refund has been increasing, with significant growth reported in various regions [4][7]. Policy Optimization Measures - The new policy aims to address issues such as the limited number of tax refund stores and the lack of diverse shopping options for foreign tourists [8][9]. - The minimum purchase amount for tax refunds has been lowered from 500 RMB to 200 RMB, making it easier for more shops, including local specialty stores, to participate [10][11]. Simplification of Processes - The tax refund process has been streamlined, allowing for immediate refunds at the point of sale and increasing the cash refund limit from 10,000 RMB to 20,000 RMB [12][13]. - The tax authority has improved the efficiency of the tax refund management system, reducing wait times for tourists [13].

Core Viewpoint - The Chinese government has introduced a new notification to optimize the departure tax refund policy for inbound travelers, aiming to enhance consumer spending and facilitate international and domestic economic circulation [1][2]. Group 1: Policy Overview - The departure tax refund policy has been fully implemented since 2015 and is now in its 10th year [1]. - The new notification is a response to issues raised by local businesses and inbound travelers regarding the current tax refund system [1][2]. Group 2: Key Measures - The notification includes eight policy measures focusing on three main areas: increasing the number of tax refund stores, expanding the range of refundable products, and improving the service quality of tax refunds [2]. - It encourages the establishment of more tax refund stores in popular tourist areas and supports the creation of specialized tax refund districts [2]. - The threshold for tax refunds has been lowered from 500 yuan to 200 yuan, making it easier for more stores, including those selling local specialties and souvenirs, to participate [2]. Group 3: Service Enhancements - The notification aims to streamline the tax refund process, enhance the management system, and reduce waiting times for travelers [3]. - It raises the cash refund limit from 10,000 yuan to 20,000 yuan and promotes various payment methods to meet the diverse needs of inbound travelers [3]. - A comprehensive information service platform for departure tax refunds will be established to facilitate access to refund information for travelers [3].

Core Viewpoint - The Chinese government is optimizing the departure tax refund policy to enhance inbound consumption and attract more foreign tourists to China [1][5]. Group 1: Policy Changes - The departure tax refund threshold is lowered from 500 yuan to 200 yuan, and the cash refund limit is increased from 10,000 yuan to 20,000 yuan [3]. - The government encourages the establishment of more tax refund shops in major commercial areas and pedestrian streets frequented by foreign tourists [3]. - The "immediate refund" service will be promoted nationwide, allowing travelers to receive tax refunds at the point of purchase [3]. Group 2: Tourism Data - In the first quarter of this year, the number of inbound foreign tourists reached 9.215 million, representing a year-on-year increase of 40.2% [5]. Group 3: Efficiency Improvements - The General Administration of Customs is promoting the packaging and coding of tax refund items to enhance verification efficiency and reduce waiting times [6]. - Customs will implement measures to optimize processing procedures and add guiding signs at ports to provide more convenience for foreign travelers [8]. - The use of QR codes for scanning tax refund items will significantly reduce on-site verification time, making the tax refund process more convenient and efficient for travelers [8].

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 Chinese government has introduced new measures to optimize the departure tax refund policy, aiming to enhance inbound consumption and attract more foreign tourists, with significant potential for growth in this sector [1][2]. Group 1: Policy Optimization - The new policy addresses issues such as the limited number of tax refund stores, lack of product variety, and the need for improved convenience in the tax refund process [2][3]. - Eight policy measures have been proposed to expand the number of tax refund stores, increase the variety of products available for tax refund, and enhance the service quality of the tax refund process [2][3]. Group 2: Key Highlights - The policy includes three main highlights: expanding the number of stores, increasing product offerings, and improving service convenience for foreign travelers [3][4]. - The minimum purchase amount for tax refunds has been reduced from 500 RMB to 200 RMB, making it easier for more stores, including those selling local specialties and souvenirs, to participate in the tax refund program [3][4]. Group 3: Service Improvements - The cash refund limit has been raised from 10,000 RMB to 20,000 RMB, allowing travelers to receive larger refunds [4][5]. - The "immediate refund" service has been expanded nationwide, enabling travelers to receive their tax refunds at the point of purchase rather than at the departure point, enhancing the shopping experience [5][6]. Group 4: Impact on Domestic Products - The policy aims to increase the representation of domestic products in tax refund stores, encouraging more local brands to participate and enhancing the shopping options for foreign travelers [6]. - The government plans to promote high-quality domestic products, including cultural and creative items, traditional handicrafts, and popular local goods, to attract foreign tourists [6].

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].