Zhuhai Duty Free: The current global epidemic is still prevailing, and the world's tourism and leisure industry is experiencing unprecedented challenges. Thanks to China's good prevention and control of the epidemic and a series of macro-incentive policies, Since 2020, China's duty free travel retail will be able to recover rapidly, enter a new stage of development, and become a key player in the global tourism retail industry in the future. A brand-new framework, a brand-new opportunity. We are very much looking forward to the fact that TFWA will bring the leading retailers through the Asia-Pacific online line event to explore the changes of the global tourisms and duty free in the region; sharing break-through measures or initiatives on management, operations, procurement, with its focus on the tourism economy, digitalization of retail ecology, debating on the the new consuming potential and trends in this consumer-oriented, data-driven "new retail" era.
Zhuhai Duty Free: Consumption is essential and an important engine for China's "dual cycle" development strategy. According to the "Global Tax Free White Paper" jointly issued by KPMG China and Moodie Davitt, by the end of 2020, the output value of Hainan's outlying islands' duty-free industry is about US$5 billion. According to the current growth curve, Hainan is expected to become the world's largest tax-free market in the short term. As our country's first free trade port to further deepen reforms, Hainan will surely become a strategic link point for promoting tax-free consumption and building a new domestic and international dual-cycle development pattern in the future.
The duty-free industry is driving the high-quality development of Hainan Free Trade Port. However, Hainan's duty-free market still has development space in the future. The prosperity of Hainan's duty-free industry will be presented in multiple aspects, and the market scale is bound to have a qualitative leap. As more and more colleagues join, the types of duty-free products will become more abundant and the people's purchase channels will become more diversified; the development of tax exemption for residents on the island in the future will also bring huge changes to the lives of local residents.
Actively participating in the construction of Hainan Free Trade Port is not only an opportunity, but also a responsibility as a member of China's tax-free industry. In this regard, Zhuhai Duty Free Group has begun to deploy the Hainan market in 2020, and wholly established Zhuhai Duty Free Group (Hainan) Duty Free Co., Ltd. in Hainan; in September, won the bid for Sanya Headquarters Economy and Central Business plot, positioning as a high-end coastal commercial center and business office area; this year, the duty-free flagship store for island residents is planned to open in second half of the year with Sanya Tourism Investment Co., Ltd. Zhuhai Duty Free Group, as the only exhibitor in the Guangdong-Hong Kong-Macao Greater Bay Area, has received extensive attention from the media and peers during Hainan Expo. In the future, Zhuhai Duty Free will strive to become a model benchmark for cooperation and exchange between Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area.
Zhuhai Duty Free: Zhuhai Duty Free is one of the first batch of state-owned enterprises licensed retailer approved by the State Council and the No.2 retailer in China in the transaction volume, with largest size road port duty free shop, GongBei Store, providing tax-free goods and services for nearly 200 million domestic and foreign tourists.
We hope through this participation, Zhuhai Duty Free will further demonstrate the comprehensive strength of Zhuhai Duty Free in the operation of duty-free goods, cross-border commerce and tax-free business, so that more industrial peers will know and pay attention to Zhuhai Duty Free.We also hope to have in-depth exchanges with global duty free professionals and learning from them, explore broader cooperation space with more world brands and partners, promote deeper cooperation, and actively integrate into the new world travel retail development pattern.