China’s top officials have agreed to open more duty-free stores and facilitate the import of popular consumer goods in a bid to stimulate domestic spending amid a sluggish economy.
An executive meeting by the State Council, led by Premier Li Keqiang, decided on Wednesday to issue a package of policies to boost consumption, one of the driving engines tapped by the government to shore up economic growth.
The meeting decided to open more duty-free stores at ports of entry across the country and import popular commodities to reflect the current preference of Chinese travelers for luxury brands and daily consumer products, according to a statement released after the meeting.
According to data from the Ministry of Commerce, more than 100 million Chinese traveled overseas last year and spent more than 1 trillion yuan ($157 billion) during their trips.
The statement did not provide details as to when and where the duty-free stores will open. However, Lu Peijun, deputy head of the General Administration of Customs, told China Daily on an earlier interview that the government is considering building new stores at airports and raising the purchase cap per passenger.
Lu said that China currently has 262 duty-free stores across the country, with some on cross-border vehicles and others offering duty-free goods for diplomatic personnel.
"There are not many duty-free stores at the ports of entry in China," he added, although noting that any new shops should follow the "willingness of enterprises."
Liu Simin, deputy secretary-general of the Beijing Tourism Association, said that getting consumers to spend more in the domestic market and less overseas in a short time will not be easy.
"To achieve the target involves the upgrading of industrial production and the improvement of services," he said.