Nvidia CEO and founder Jensen Huang pledged on Thursday to make significant efforts to serve the Chinese market, where the chipmaker has maintained a presence for the past 30 years.
Huang made the commitment during a meeting with Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), in Beijing. His vow comes at a time when the Trump administration has recently tightened chip export rules to China amid the global race for AI dominance.
Huang noted that the new export restrictions on AI chips to China have significantly impacted Nvidia's business, but stressed that the company remains committed to long-term operations in the country.
"The increased restriction has impacted our company significantly. We've grown up in China and China has watched us in the last 30 years. Of course, it's a very large market interactions and working and serving the Chinese companies. And so it's made us both better. And so we're going to continue to make significant effort to optimize our products that are compliant with the regulations and continue to serve the Chinese market," Huang said.
According to Nvidia, the company expects to take a 5.5 billion U.S. dollar hit from the new clampdown on exports of H20 processors to China.
Nvidia CEO pledges to continue serving Chinese market
China's instant tax refund policies have significantly enhanced shopping experience for overseas travelers, fueling inbound consumption. The country's inbound tourism has been growing rapidly over the recent years. Alongside iconic landmarks and rich cultural experiences, shopping has also become an integral part of foreign visitors' travel experience, especially with the instant tax rebate service.
China introduced new measures to optimize its departure tax refund policy in late April, including lowering the minimum purchase threshold for refunds, expanding the network of participating stores, and widening the range of products available.
The country's first self-service tax refund machine has recently debuted in Nanjing Road, Shanghai's bustling commercial thoroughfare. By instantly recognizing passport information and generating tax refund application forms through scanning invoice QR codes, it not only enhances the convenience of tax refunds for foreign tourists, but also significantly alleviates the processing pressure during peak hours at the mall.
The convenience of services has led more foreign tourists to choose to claim tax refunds inside the shopping mall. This shopping mall has already completed 3,000 departure tax refunds this year, doubling compared to the previous year.
In addition, southwest China's Sichuan Province has added 17 more "Buy Now, Refund Now" stores, bringing the total number to 66.
"There are two methods for tax refunds: cash or bank cards. Most foreign tourists prefer cash refunds because after receiving the cash, they can continue shopping at cultural and creative shops in our mall, buying unique cultural and creative gifts with traditional Chinese characteristics," said Peng Ling, a staff member processing departure tax refunds at Parkson Shopping Center (Sichuan Times Shop).
Meanwhile, Guangzhou City of south China's Guangdong Province has introduced the service of "in-store tax refund merchant" for overseas travelers.
Foreign tourists can now conveniently complete the whole process of tax refund in-store instantly after purchasing their desired items, eliminating the need to visit other locations. They can simply use their personal phones to upload relevant information and documents to instantly claim value-added tax rebates at tax-free stores. In the next phase, the Ministry of Commerce will work with relevant departments to accelerate efforts in expanding the number of departure tax refund stores, enrich the supply of related goods and improve related services to enhance the shopping experience for international visitors and further boost inbound consumption.
"[We will] guide regions that have not yet implemented the departure tax refund policy to start related work as soon as possible to build from nothing. Additionally, [we will] establish a comprehensive tax refund information service platform to provide international visitors with one-stop services, including tax refund store inquiries and tax refund policy consultations," said Yang Nie, deputy director of the Department of Market Operation and Consumption Promotion at the Ministry of Commerce.
China's instant tax refund policies fuels inbound consumption
