Many analysts expect high levels of savings among Chinese consumers during the pandemic will translate to greater spending this year.
However, unlike the U.S., China has not distributed cash to consumers nationwide in the wake of the pandemic. Li told reporters in 2022 that policymakers would instead focus on supporting businesses and jobs. The island's 12 duty-free stores saw gross sales of 2.57 billion yuan during the Lunar New Year holiday week,Those holiday sales were more than four times what they were in 2019, the release said, reflecting the region's growth and new mall openings over the last few years.
Top executives from U.S. and European brands, among others, plan to visit Hainan this year now that Covid restrictions are relaxed, said Ruslan Tulenov, global media officer for Hainan's Bureau of International Economic Development. He declined to say how many or when.