Vice Minister of Commerce Sheng Qiuping: Huge potential for growth in inbound consumption. Departure tax refunds help reduce shopping costs for overseas tourists.

Sheng Qiuping, Deputy Minister of Commerce, said at a press conference of the State Council Information Office on April 27 that by 2024, the proportion of overseas tourists' consumption in China's GDP is about 0.5%, while in major countries around the world, the proportion of inbound consumption to GDP is between 1% and 3%, indicating huge growth potential for inbound consumption. Departure tax refunds help reduce the shopping costs of overseas tourists, and are an important entry point for attracting and expanding. For example, based on China's value-added tax level, the tax refund rate for general goods can reach 11%, equivalent to an additional 10% discount.