Offshore duty-free sales in south China's Hainan Free Trade Port (FTP) recorded robust growth over the three-day New Year's Day holiday from January 1 to 3, with total revenues reaching 712 million yuan (around 101.8 million U.S. dollars), a surge of 128.9 percent year-on-year, the latest data from Haikou Customs showed.
The number of shoppers also rose sharply, with 83,500 consumer trips recorded, up 60.6 percent from the same period last year. In terms of volume, 442,000 duty-free items were sold, representing a 52.4 percent increase.
This remarkable growth follows the launch of Hainan's island-wide special customs operations, which took effect on December 18. As the world's largest free-trade port by area, the Hainan FTP now operates under a new regime that allows freer entry of overseas goods, expanded zero-tariff coverage and more business-friendly measures.
Meanwhile, a series of policy and regulatory documents related to special customs operations are being implemented in accordance with respective provisions, including the duty-free policy for domestic sales of processed value-added products.
Offshore duty-free sales in Hainan FTP more than doubled during New Year holiday
Offshore duty-free sales in Hainan FTP more than doubled during New Year holiday
China's benchmark Shanghai Composite Index hit a 10-year high on Tuesday, and even the shares of oil companies with investments in Venezuela bounced back from recent losses, according to China Global Television Network's financial market analyst Timothy Pope.
Chinese stocks closed higher on Tuesday, with the benchmark Shanghai Composite Index up 1.5 percent to 4,083.67 points.
The Shenzhen Component Index closed 1.4 percent higher at 14,022.55 points.
"Today the Shanghai Composite Index jumped 1.5 percent, closing at 4,083.67. I mean, look we both remember the last time that Chinese stocks were this high, but it feels like an age ago -- more than 10 years, July 2015. The markets have really picked up the 2025 rally and continue to run with it. We've seen that Monday and Tuesday. There has been a bit of impact from the U.S. attack on Venezuela so far, but that's really been limited to the stocks of the Chinese oil companies with investments in Venezuela and today even those shares came back. The same themes are really remaining very popular, tech in general, AI in particular. But investors were also really grabbing up commodities stocks today in a big way. Prices jumped for both gold and copper. Gold miner Zijin [Mining Group Limited] was the biggest contributor to gains on the Shanghai Composite Index today. Financial stocks were also doing pretty well. The big insurers making some very solid gains on the Shanghai Composite [Index]. Now these companies are both helping to propel the rally and are going to be beneficiaries too, because remember these insurers have huge stock portfolios and rules have fairly recently been loosened to allow them to invest even more heavily," Pope said.
"Among retail investors there's also a bit of a sense that this is the moment to ride the wave. We've got about a month left before things traditionally start to slow down ahead of the Lunar New Year and China's Spring Festival holiday. It is perfectly possible that the couple of slow weeks preceding that holiday could be a bit truncated this year with the amount of energy that's in the markets at the moment. But I'm also sure that most people are looking forward to that break. I know I am, and they do tend to cash out in the lead-up. So, there really does seem to be a sense that investors are making hay while the sun shines," he said.
China's benchmark stock index hits 10-year high as oil stocks rebound: CGTN market analyst
