China's Ministry of Finance has announced the lowering the tariffs for 27 types of luxury goods and daily necessities bought overseas, effective January 1, 2016.
Statistics show that there are total of 262 duty-free stores in China, while 112 million Chinese traveled abroad last year and the spending overseas totaled one trillion RMB.
Chinese shoppers flocked to Korea for duty-free goods as prices in Korea's duty-free stores are 20%-30% cheaper than in Chinese stores. Analyses have shown that when the price of imported goods in China is lowered and there are more duty-free shops in the country, China’s outbound travelers will shift their focus to enjoying sightseeing and culture rather than shopping.(Translation by David)
