China’s Wangfujing Group wins duty-free license
Wangfujing Group has been granted a license for duty-free retail by the Chinese administration.
The group, which operates one of the country’s major department-store chains, is now proactively moving to develop its new business line following confirmation and approval by the Chinese Ministry of Finance, according to reporting by Reuters.
The development follows a push by the government to stimulate domestic consumption in the wake of the coronavirus pandemic.
China has officially relaxed its market controls in order to allow the establishment of duty-free outlets in downtown areas, giving local shoppers greater access to imported goods.
The news had a positive impact on the Wangfujing share prices, which hit a 10 per cent daily limit before the close of trading on Monday.