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Duty-free goods company founded in Hainan

(People's Daily)

17:38, November 09, 2011

Edited and translated by People's Daily Online

Beijing, Nov.9 (People's Daily Online) -- Duty-free goods will soon be available on Hainan island through a company created by the state.

Recently the State Council authorized the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation of China to examine and approve a plan in which a state-owned company solely operated by the Hainan province invests in and establishes the Hainan Duty-Free Goods Co., Ltd.

They also examined and approved the articles of the corporation, authorized Hainan province to establish the Hainan Duty-Free Goods Co., Ltd. and gave Hainan province a duty-free goods concession.

Hainan SOE is main investor

Currently, it has been confirmed that the China Duty-Free Group under the CITS Group Corporation will operate the offshore duty free stores in Sanya. The pilot store was officially launched on April 20, 2011. In 2011, the Hainan Province proposed an application that a state-owned company solely operated by Hainan province invests and establishes the Hainan Duty-Free Goods Corporation Ltd., and relevant departments, including the Ministry of Finance, examined and approved the application. They gave the Hainan Province the duty free goods concession and authorized it to trade duty free goods and establish stores of duty free goods within Hainan Province according to the prescriptions.

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