Market of Duty-free Products Grows Fast in China

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Last updated at: (Beijing Time) Friday, December 27, 2002

Market of Duty-free Products Grows Fast in China

Market of duty-free products in China has become a new attraction to international companies in the field.

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Market of duty-free products in China has become a new attraction to international companies in the field.

At China Duty-free Business Conference, opening on December 24th in Bo'ao in south China's Hainan Province, many world famous enterprises and companies showed great interest in China's duty-free products market.

From 1995 till now, the average increasing rate of China's duty-free products market exceeds 8 percent, much higher than the world's average figure of 3 percent. In 2002, the sales of duty-free products in China is expected to reach 300 million US dollars, said sources with the conference. China will become one of the top 20 countries with the highest sales of duty-free products in the world.

China set up the first duty-free shop in 1979. Up to now there are over 150 duty-free shops in more than 90 trade ports. The first joint venture duty-free shop was established earlier this year in Shanghai Pudong International Airport.

Gai Zhixin, general manager of China Duty-free Products Co., Ltd., said the rapid development of China's tourism was the major driving force to promote the rapid increase of duty-free business in China. In 2001, China received 89.01 million overseas tourists.The daily expense of those tourists per capita was 138.76 US dollars, one-fourth of which is used in purchasing.

The World Tourism Organization predicted that from 2002 to 2020,the number of overseas tourists coming to China would increase by 8 percent every year, which will ensure the development of Chinese duty-free products market.

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