Is there huge potential for China’s outbound tax-free business?

Li Gang, deputy general manager of China Tourism Group and chairman of China International Travel Service Co., Ltd., said in Hong Kong recently that China's outbound tourism market has continued to strengthen in recent years, and there is great room for development and growth in the duty-free business.

Benefiting from the steady development of China's economy, China's tourism market, especially the outbound tourism market, has shown explosive growth in recent years. Data shows that China has ranked first in the world in terms of the number of outbound tourists and outbound tourism consumption for four consecutive years. In 2016, the number of Chinese outbound tourists reached 122 million, far ahead of other countries and regions; during the National Day Golden Week in 2017, the number of Chinese outbound tourists exceeded 6 million, an increase of 50% in three years.

“The living standards of the Chinese people have improved significantly, driving the strong growth of the tourism industry.” Li Gang said, “As China’s economy continues to develop in the future, it will continue to be beneficial to China’s tourism market and promote the development of China’s tourism market. A new high. This is undoubtedly a major opportunity for tourism companies. "Li Gang believes that although China's outbound tourism is growing rapidly, the duty-free industry has not yet developed simultaneously. As an important part of the tourism industry chain, the duty-free business still has huge room for growth and will usher in new development opportunities as the outbound tourism market continues to strengthen.