Economy > Regional

China's Hainan sees GDP rise 1.1 pct in Jan.-Sept. period

Xinhua News,HAIKOU
2020-10-23 09:14

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HAIKOU, Oct. 23 (Xinhua) -- China's southern resort island province of Hainan reported more than 384 billion yuan (about 57.7 billion U.S. dollars) of gross domestic product in the first three quarters, up 1.1 percent year on year, according to official data Thursday.

The recovery of the consumer market was a main driver of the provincial economic growth, especially the boom of offshore duty-free shopping.

Data showed that in the third quarter alone, the total retail sales of consumer goods in Hainan increased by 17.7 percent compared with the same period last year. The city of Sanya, where a popular duty-free shopping mall is located, saw its figure grow 50.5 percent.

Wang Yu, deputy director of the provincial statistics bureau, said consumption will remain a stabilizer of Hainan's economic growth in the future.

Hainan has increased its annual tax-free shopping quota from 30,000 yuan to 100,000 yuan per person and expanded the categories of goods starting on July 1.

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