China sees signs of recovery in foreign tourists... ”Buy now, get refund now” policy to boost consumption - Chinese media

China is showing signs of recovery in the number of foreign tourists in the first quarter of 2024. According to information released by the National Immigration Administration on the 18th, the number of foreign visitors to China in the first quarter is expected to be 202.
This is more than three times the number of foreign tourists visiting China in the same period three years ago. The number of foreign tourists visiting China is expected to continue to recover due to policies such as "payment convenience" and "visa exemption" for foreign tourists.
Meanwhile, cities such as Beijing, Shanghai, Guangzhou, and Shenzhen have introduced "buy now, get now" systems, which are said to be contributing to a sustained increase in spending by foreign tourists visiting China.
"Instant purchase, instant refund" allows customers to receive a tax refund on the spot when they purchase products at trial stores by presenting an application form.
Compared to the previous system of paying for the tax immediately, the immediate refund will encourage further consumption. Currently, there are 14 trial stores in Beijing that offer the "immediate purchase, immediate refund" system.
According to the Ministry of Finance, sales of duty-free goods in the first quarter of this year increased 2.6 times compared to the previous year. The "buy now, get now" system was also introduced in 23 stores in Shenzhen, Guangdong Province, in December last year.
According to the city tax bureau, duty-free sales in the first quarter of this year exceeded 63.15 million former (about 1.3 billion yen), more than 30 times the amount during the same period last year.