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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.

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