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Hainan Free Trade Zone is likely to become the world's largest tariff-free market, according to a report by KPMG and The Moodie Davitt

In the near term, the Hainan Port Free Trade Area is likely to become the world's largest duty-free market if the current growth trend continues, according to a joint report by KPMG China and The Moodie Davitt Report, Radio China reports.
By the end of 2020, the volume of offshore duty-free business there was worth about $5 billion, boosted by updated shopping policies. In July last year, Hainan province increased the annual limit on tax-free shopping per person from 30,000 yuan ($4638) to 100,000 yuan.

Noting that the business environment in the zone benefits from national development strategies, the report's authors believe that open free trade and offshore tax-free policy have created favourable ground for tourism industry development and retail consumption.

The rapid development of the tax-free sector in Hainan since 2011 has played a significant role in its growing attractiveness and status as an international tourist hub for consumption, the document added.