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Associated Press
2 days ago
- Business
- Associated Press
Global Times: What benefits does China's upgraded departure tax refund policy offer?
BEIJING, June 11, 2025 /PRNewswire/ -- It is reported that the departure tax refund policy has been upgraded again, and many netizens are envious that overseas tourists can come to China and enjoy a pleasant shopping spree. What benefits can the 'upgraded' departure tax refund policy bring to overseas tourists? And what impact will it have on domestic consumers? This is a question posed by a reader on Data released by the State Taxation Administration on Tuesday showed that during the first month of the implementation of the new departure tax refund policy, from April 27 to May 26, the number of departure tax refunds handled by tax authorities nationwide increased by 116 percent year-on-year, and total sales at tax refund stores rose by 56 percent year-on-year. The number of 'instant tax refund' transactions surged 32 times, compared to the same period last year, and 1,303 new departure tax refund stores were added. Indeed, departure tax refunds have recently received widespread attention and are regarded as a significant factor in enhancing the appeal of 'China Travel.' Generally speaking, the prices of goods in most countries include a value-added tax (VAT). Departure tax refund refers to the partial reimbursement of the VAT paid by overseas tourists for goods purchased in the tourist destination country. According to China's VAT level, the general tax refund rate for goods is 11 percent, which is equivalent to an additional 10 percent discount after the tax refund. Boosting consumption Optimizing departure tax refund policy to expand consumption is a common international practice. Chinese consumers can also enjoy departure tax refunds when traveling abroad in many countries. Now, further optimizing the departure tax refund policy reflects China's proactive attitude toward embracing the world. It helps unleash the consumption potential of overseas tourists, and ensure they have a pleasant travel and shopping experience. The 'upgraded' departure tax refund policy demonstrates China's sincerity. Lowering the minimum refund threshold to 200 yuan ($27.82) makes it easier for overseas tourists to meet the tax refund criteria when shopping at designated stores. Even small purchases of souvenirs or gifts, as long as the cumulative amount reaches 200 yuan, are eligible for a refund. Increasing the cash refund limit to 20,000 yuan, combined with mobile payment, bank card and other options, provides more flexible payment choices for overseas tourists who buy high-value goods. Tax refund stores have been added in large commercial areas, tourist attractions, airports, and other locations across the country. Meanwhile, international famous brands and trendy domestic products that overseas tourists have long anticipated are becoming increasingly available. The implementation of the 'upgraded' departure tax refund policy showcases China's confidence and determination in continuous opening-up. From continuously optimizing visa-free policies and advancing cross-border payment facilitation to further enhancing the departure tax refund policy, along with the continuous improvement of supporting services in lodging, catering and transportation, a comprehensive 'combination of measures' has been implemented, which can be touched, felt and accessed by foreign tourists and further improve their favorable impression of China. Exploring the charm of ancient towns, shopping for unique cultural and creative products, and savoring delicious cuisine, the rich and diverse aspects of Chinese civilization serve as the cultural driving force for inbound consumption. A series of policies, including visa-free entry, convenient payment methods, and the departure tax refund policy, have ignited the surging momentum of inbound consumption. Data showed that in the first quarter, the number of entries made by foreign nationals through ports across the country exceeded 9.2 million, a year-on-year increase of 40.2 percent, of which 71.3 percent were visa-free. The tourism boom is being transformed into a consumption boom, which in turn drives sales growth and improves the quality of development. In May, at the Shanghai No.1 Department Store, the number of departure tax refund transactions increased by 338 percent year-on-year, and the transaction amount rose by over 206 percent. Among them, the number of transactions for time-honored products and trendy domestic products increased by 407 percent year-on-year. At the DJI flagship store in the China World Mall in Beijing, the sales of departure tax refund products increased by 77 percent month-on-month. More people are getting to know 'Made in China' and recognizing 'Chinese brands.' Confidence in opening-up High-quality Chinese products have become an 'implicit endorsement' for 'China Travel,' providing strong evidence that the allure of 'Made in China' is steadily increasing. This will undoubtedly boost the confidence of domestic brands in their development and stimulate greater innovation. Transforming the 'online traffic' of 'China Travel' into 'repeat visits' will also generate more 'growth.' A small step in upgrading the tax refund policy represents a giant leap in opening-up development. We have every reason to anticipate that while the 'upgraded' departure tax refund policy brings tangible benefits to overseas tourists, it will also introduce more positive changes to the domestic market. A welcoming and hospitable China is certain to create even more favorable conditions for its own development. Cong Yi, a professor at the Tianjin School of Administration, told the Global Times that the rapid expansion and structural upgrade of China's consumer market vividly reflect its continuous efforts in opening-up. Notably, cultural and tourism-related consumption is on the rise, mirroring the optimized consumption environment and growing consumer confidence. With a secure, stable, and efficient market, China is attracting global consumers. The upgraded tax refund policy is making inbound consumption an essential part of the domestic market, which not only bolsters domestic demand and taps consumption potential but also deepens cultural and social exchanges, Cong said. Overseas consumers can access high-quality products that may be unavailable at home, while local cultures and innovative products can gain global exposure, enhancing the influence of Chinese brands. This two-way flow of consumption and culture meets diverse global needs and showcases China's cultural confidence and market vitality on the global stage, Cong added. View original content: SOURCE Global Times
Yahoo
02-06-2025
- Business
- Yahoo
Global Times: Why China, as a developing nation, still committed to carbon reductions?
BEIJING, June 2, 2025 /PRNewswire/ -- "Some media reports suggest that certain developed countries have already abandoned their carbon reduction efforts. As a developing country, why does China still remain committed to cutting carbon emissions?" This is a question posed by a reader on Reducing carbon emissions is not undertaken at others' request but is an unwavering commitment China has chosen to pursue. First, we must discuss what is "carbon." In the context of "carbon reduction," the term "carbon" does not refer to the chemical element itself, but to greenhouse gases such as carbon dioxide, methane and nitrous oxide, which contribute to the greenhouse effect. Among these, carbon dioxide is most closely associated with human activities and is thus commonly used as a representative indicator. In everyday language, "carbon dioxide" is often abbreviated simply as "carbon." Why reduce carbon? Carbon reduction is urgently needed because global warming poses a serious threat to human survival and the continuity of civilization. The United Nations has repeatedly warned of a direct link between rising greenhouse gas emissions and the growing frequency and severity of climate-related disasters, as global warming accelerates. Data from the World Meteorological Organization show that 2024 was the hottest year on record, with extreme weather events seen in many parts of the world. Compared with the early 2000s, the frequency of record-breaking monthly rainfall in 2024 increased by 27 percent, while the frequency of record-breaking daily rainfall rose by 52 percent, according to Xinhua. No country is immune to the impacts of global warming. In China, the China Climate Bulletin released by the China Meteorological Administration showed that in 2024, the national average temperature reached 10.9 C, the highest since records began in 1951. The number of high-temperature days exceeded the average by 6.6 days, the second-highest since 1961. Annual precipitation reached 697.7 millimeters, 9 percent above normal levels. Climate-related natural disasters disrupted agricultural production and threatened lives and property. Beyond climate security, there are also deeper reasons for carbon reduction at both international and domestic levels. At the international level, carbon reduction is an urgent need for China to take the initiative to shoulder the responsibilities of a major country and promote the building of a community with a shared future for mankind. Carbon emissions reduction allows China to maintain strategic initiative amid the global shift toward green and low-carbon development. China's decarbonization efforts also assist developing countries in strengthening their climate resilience, thereby contributing to the building of a community with a shared future for mankind. As a key participant, contributor, and leader in advancing global ecological civilization, China plays an active role in international environmental governance and continues to enhance its voice and influence in the global environmental governance system. The country has established the world's largest and most complete new-energy industrial chain. In 2023 alone, China's exports of wind and solar products helped other countries reduce carbon emissions by approximately 810 million tones. Domestically, carbon reduction is conducive to driving China's green and low-carbon transition and ensuring sustainable development. It is conducive to meeting the people's growing demand for a beautiful ecological environment and promoting harmonious coexistence between man and nature. China has made significant progress in optimizing its energy mix, with significant growth in hydropower, nuclear, wind, and solar power generation. These efforts have contributed not only to lower carbon emissions but also led to a significant decline in PM2.5 and other air pollutants. From 2015 to 2023, the average PM2.5 concentration in prefecture-level cities and above fell by more than 30 percent. From 2013 to 2022, the Beijing-Tianjin-Hebei region saw its GDP grow 60 percent, while the region's PM2.5 levels dropped by more than 60 percent. Achieving sustainable devt Carbon reduction is conducive to solving prominent problems of resource and environmental constraints and achieving sustainable development. China leads the world in total installed capacity of wind, solar, hydro, and biomass energy. In the past decade, the proportion of coal in China's energy consumption has dropped by 12.6 percentage points. From 2013 to 2023, China's annual economic growth rate of 6.1 percent was supported by an average annual energy consumption growth rate of 3.3 percent. In 2023, renewable energy accounted for approximately one-third of the nation's total electricity consumption. Carbon reduction is conducive to adapting to the trend of technological progress and promoting the transformation and upgrading of economic structure. China has phased out more than 150 million tons of outdated steel production capacity, completed ultra-low emissions transformation of 134 million tons of steel throughout the process, and built the world's largest, most complete and most competitive clean energy industry chain. China's output of polysilicon, silicon wafers, battery cells and modules accounts for more than 80 percent of the world's total, and wind turbine manufacturing capacity accounts for 60 percent of the world's total. This shows that while reducing carbon emissions, development is also achieved. Thinking about why to reduce carbon emissions is essentially exploring how to develop. The development China pursues is one that meets the people's growing aspirations for a better life and embodies the new development philosophy. While some countries have backtracked from their carbon reduction commitments, China has remained unwavering. Green development forms the foundation of high-quality development, and carbon reduction is an inherent requirement for promoting high-quality development. While reducing carbon emissions, we are also achieving a shift in our development model. When the wind from Zhangbei in North China's Hebei Province powers the lights of Beijing, and "blue skies and starry nights" become a daily norm, such deep romance and steadfast sense of security are truly captivating. China's unwavering commitment to carbon emissions reduction is fundamentally driven by China's own desire to upgrade its economic development model, said Li Changan, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics. "The country is shifting away from a resource-intensive and extensive growth approach toward one that is innovation-driven and efficiency-oriented. This transformation naturally brings higher environmental standards, including stricter targets for emission reductions, making decarbonization a strategic necessity," he told the Global Times on Monday. Li noted that China has already built a competitive edge in green, low-carbon, and new-energy sectors, which provides a solid foundation for the country to stay the course on green development and accelerate its low-carbon transition. Optimizing the energy mix and advancing renewable energy, Li said, are not only vital to supporting green development but also crucial for enhancing national energy security and preserving strategic autonomy. View original content: SOURCE Global Times Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Global Times: Why China's economy so stable despite external challenges?
BEIJING, May 23, 2025 /PRNewswire/ -- "In April, China's economic data showed resilience despite intensifying external challenges, especially as the exports expanded rapidly. Why is the economy so stable amid external challenges?" This is a question that a reader of May 19, China released economic figures for April, with "stronger than expectations" emerging as the dominant reaction among analysts. Some foreign media outlets commented that the economy has "showed surprising resilience, a sign that government support measures may have cushioned the impact of a trade war with the US that threatens to derail momentum in the world's second-largest economy."Why is the Chinese economy so stable despite external challenges? The answer can be found from two internal dynamics Also on May 19, Chinese tech giant Huawei unveiled two laptops powered by HarmonyOS, marking the debut of its self-developed operating system on personal computers. A day later, another Chinese tech firm Xiaomi announced that its first self-developed 3-nanometer mobile chip, Xring O1, has entered mass form of containment or suppression can disrupt China's pace in achieving self-dependent innovation and growth. It is precisely such confidence and self-reliance that enabled the economy to deliver a result "exceeding expectations."In early April, the People's Daily reporters visited Yiwu, the world's largest wholesale market for small commodities in East China's Zhejiang Province, where store owners were busy building their brands and enhancing product from the mode of original equipment manufacturer to building their own brands, Yiwu brands unite for overseas expansion with Yiwu Selection January, the first Yiwu Selection Store was launched, and secured signed orders totaling 120 million yuan ($16.67 million) on the first day of its grand opening. Later in February, the first Yiwu Selection Store in Europe was opened in Venice, Italy. In just a few months, the project has helped more than 190 brands in Yiwu to increase revenue by over 100 million yuan and expand cooperation with 11 countries. Diversification shields them against unilateralist export-oriented manufacturers in Yiwu also proactively engage in innovation and extend their industrial chains to enhance their competitiveness. A Yiwu merchant encapsulated this sentiment well, "With quality products and extensive sales channels, we're unafraid of changes."It is precisely the internal momentum of numerous individual market entities that has contributed to the overall economic upward capacity elevated In April, China's total import and export of goods in yuan-denominated terms expanded 5.6 percent year-on-year, according to data released by the General Administration of Customs on May country's goods exports rose 9.3 percent year-on-year last month. In terms of export categories, technology-intensive mechanical and electrical products demonstrated sustained market competitiveness. In the first four months, exports of these goods grew by 9.5 percent the perspective of business entities, private export-oriented companies have effectively navigated external challenges through strategies like market diversification. During the same period, private sector imports and exports expanded by 6.8 percent a country's foreign trade does not exist in isolation. China's rapid export growth in April reflects the elevation of its overall capacity thanks to the high-quality economic instance, as an ultra-large economy, China has maintained its manufacturing dominance for 15 consecutive years, and boasts one of the world's largest consumer markets with great growth potential. These structural advantages underscore the country's strong capacity to deal with various risks and addition, China unswervingly promotes economic structural adjustment and shifting between old and new growth drivers, develops new quality productive forces according to local conditions, moves faster to create a new pattern of development, and vigorously strengthens domestic circulation to keep itself well-positioned for pursuing development. All of these efforts have provided critical guarantees for dealing with drastic changes in external policy support China has stepped up macroeconomic adjustments. A meeting of the Political Bureau of Communist Party of China (CPC) Central Committee held on September 26, 2024 decisively deployed a package of incremental policies, resulting in an economic trajectory characterized by high growth at the beginning, a slowdown in the mid-phase, and a rebound near the end of last key meetings including the Central Economic Work Conference held at the end of 2024, this year's two sessions and the meeting of the Political Bureau of CPC Central Committee held on April 25 have made arrangements on economic work. While maintaining policy continuity, these policies put efforts on stabilizing employment, business, market expectations, which have played an important role in sustaining economic authorities have rolled out policies such as interest rate and reserve requirement ratio cuts, accelerating the integration of domestic and foreign trade, and expanding comprehensive pilot programs to accelerate the services industry's opening-up. Along with the implementation of the new policies, China has conditions, capability and confidence to deal with any risks and economy's true strength is most evident during adversity, and this resilience further reinforces confidence and resolve in achieving growth institutions have upgraded their forecasts for China's economic growth recently. Many multinational executives now regard China as a synonym for "certainty."As always, China's economy grows in storms and waves, and gets stronger through hard times. While future international environments will remain volatile and uncertain, history has proven and will continue to prove that China's recovery is underpinned by solid fundamentals, policy support, consumption potential and innovation-driven have the confidence and determination that China's development will have a bright future. View original content: SOURCE Global Times Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Global Times: Why does China still need foreign investment?
BEIJING, May 22, 2025 /PRNewswire/ -- "I've noticed that a new action plan to stabilize foreign investment has been introduced this year. After more than 40 years of reform and opening-up, China's domestic market entities have grown strong. Why do we still need foreign investment?" This is a question that a reader of posted. This reader's question is representative. The answer can be found in three sets of data. First, as of now, foreign investors have established a cumulative total of 1.24 million enterprises in China, with investments nearing $3 trillion. Foreign-funded enterprises have long been an integral part of China's high-quality development, contributing one-quarter of industrial added value, one-seventh of tax revenue, and creating over 30 million jobs, making significant contributions to China's economic growth. Second, foreign investment in China spans 20 industry categories and 115 major industry sectors. In the manufacturing sector, all 31 major categories and 548 subcategories have attracted foreign investment. China is the only country with all industrial categories listed by the United Nations, and foreign investment has played a pivotal role. Over the past decade, investment in research and development by foreign-funded industrial enterprises above a designated scale in China has grown by 86.4 percent, and the number of effective invention patents has surged by 336 percent. The advanced technologies and management expertise brought by foreign enterprises have positively influenced the development of Chinese companies and talent cultivation, providing substantial support for building a modern industrial system. Third, foreign-funded enterprises contribute to one-third of China's imports and exports. The negative list for foreign investment access has been reduced from an initial 190 items to the current national version of 29 items and the free trade zone version of 27 items, with the manufacturing sector achieving a "zero" negative list. In accelerating the construction of a new development pattern, foreign investment serves as a bridge connecting domestic and international dual circulation. On one hand, it promotes factor-flow-based openness, driving the cross-border flow of technology, products, and services through supply chains, enabling China to deeply engage in global industrial division and cooperation. On the other hand, it supports institutional openness, advancing institutional reforms in economic, technological, ecological, and other areas. "All of this shows that foreign businesses are important participants in the Chinese modernization drive, in the country's reform and opening up and innovation, and in its interconnectivity with the world and integration into economic globalization." In fact, the question "Why does China still need foreign investment?" is not new. In 1979, China enacted a law on Chinese-foreign equity joint ventures, opening the door to foreign investment. At that time, some argued that introducing foreign capital would hinder the development of domestic industries. Over the past 40 years, a consensus has emerged: Reform and opening-up have enabled China to rapidly integrate into the global market and keep pace with the times, with the active utilization of foreign investment being a key factor. Opening door wider In recent years, global unilateralism and protectionism have intensified, with foreign investment in China increasingly disrupted by geopolitical factors. Some have claimed that "China does not welcome foreign investment." "Humankind is a community with a shared future." "Openness brings progress while closing the door can only leave one behind." China's commitment to reform and opening-up remains unwavering, its doors of openness will only widen, and its policy of welcoming foreign investment has not changed and will not change. China's pace of opening up to the world has never slowed. The action plan to stabilize foreign investment in 2025 further proposes 20 policy initiatives building upon the existing 24 measures for attracting foreign capital. Since the beginning of this year, the Ministry of Commerce has held an "Invest in China" policy briefing in Japan and organized related events in Sweden and the UK, significantly boosting the willingness of relevant countries to invest and cooperate with China. In early 2025, the China Council for the Promotion of International Trade dispatched 107 delegations to visit 33 countries and regions, visiting corporate headquarters such as Mercedes-Benz, BMW, and Bosch. How sincere is China's commitment to opening-up? Foreign enterprises have the most say—At the China Development Forum 2025, 86 official representatives from multinational corporations from 21 countries and regions participated. According to the 2025 China Business Climate Survey Report released by the American Chamber of Commerce in China, nearly 70 percent of surveyed US consumer firms plan to increase their investments in China this year. From January to March 2025, China established 12,603 new foreign-invested enterprises, a year-on-year increase of 4.3 percent, according to the Ministry of Commerce. Actual foreign investment in e-commerce services, biopharmaceutical manufacturing, aerospace and equipment manufacturing, and medical equipment and instrument manufacturing grew by 100.5 percent, 63.8 percent, 42.5 percent, and 12.4 percent, respectively. By region, actual investment from ASEAN rose by 56.2 percent, and from the EU increased by 11.7 percent. Wang Peng, associate research fellow at the Beijing Academy of Social Sciences, told the Global Times that the data reflected the firm confidence and sustained commitment of foreign companies to the Chinese market. China's economy is on a sustained upward trajectory, with a vast and expanding market, providing foreign investors with broad market opportunities and reliable returns. Moreover, the Chinese government has implemented a series of proactive measures to attract foreign capital, continuously optimizing the business environment and providing policy support, offering robust guarantees for foreign investors, Wang said. "Partnering with China will bring more opportunities. No matter how the external environment may evolve, China remains firmly committed to high-standard opening up and always welcomes companies from all countries to keep investing in China and explore the Chinese market to enjoy benefits and development together," Mao Ning, spokesperson from China's Foreign Ministry, told a press conference on March 13, 2025. View original content: SOURCE Global Times Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
06-02-2025
- Entertainment
- South China Morning Post
Mourning Barbie Hsu, proposal in China gone wrong: 5 trending stories
We have selected five Trending in China stories from the past seven days that resonated with our readers. If you would like to see more of our reporting, please consider subscribing Chinese netizens have used the new artificial intelligence (AI) chatbot DeepSeek to mimic Taiwanese actress Barbie Hsu's style in farewell letters to mourn her passing. Brian Linden felt welcomed and at home by the locals in Yunnan, which is why he chose to settle there. Photo: SCMP composite/YouTube/chinanews/ An American man has captivated many with his inspiring tale of becoming a 'foreign village chief' in the picturesque southwestern Yunnan province, following his adventurous exploration of 110 countries and his studies in China.
