Image credit: @ryanwick.
The Shanghai Municipal People’s Congress Standing Committee this week approved a new policy to establish an international trading centre in the city.
The policy, due to come into effect next year, will allow the Shanghai government to designate free-trade zones in the city. China Duty Free Group Co Ltd, an SOE specializing in nationwide duty-free business, will open the city’s first duty free store following an agreement signed between the company and the Shanghai government in 2011.
“We have always intended to open a duty-free store in Shanghai, which is a growing trade, consumer and tourism centre,” said Fan Jing, of China Duty Free Group.
Reports suggest that the duty-free store could be located in Chuansha, Pudong, nearby the site of the Shanghai Disneyland project, due to open in 2015.
The introduction of a departure tax-free policy for foreign tourists, which allows tourists to apply for tax refunds if they buy more than a certain amount of designated items, “shows that Shanghai intends to pay more attention to its development as an international tourism centre”.