Skip to main content

Suning to expand business in China’s duty-free retail market

Abstract : Leading Chinese retail company Suning Holdings Group and its subsidiary Suning International have inked a deal with Hainan Tourism Investment Development Co. Ltd. for cooperation in China's duty-free retail business, Suning said.

NANJING, Dec. 29 (Xinhua) — Leading Chinese retail company Suning Holdings Group and its subsidiary Suning International have inked a deal with Hainan Tourism Investment Development Co. Ltd. for cooperation in China’s duty-free retail business, Suning said.

Both sides will leverage their advantages to focus on logistics, commercial real estate, tourism retail and other fields to integrate various industrial chains and help in the construction of Hainan Free Trade Port in south China’s Hainan Province, Suning added.

“Riding the strong growth momentum of Hainan Free Trade Zone, this strategic partnership has granted us a great opportunity to bring more prosperity to the area by leveraging the global supply chain of Suning,” said Steven Zhang, vice president of Suning.

According to Suning International, the domestic demand for duty-free goods has increased due to the global pandemic and Hainan has become a more attractive alternative for buying such goods amid the travel restrictions.

The global business arm of Suning said it will deliver more overseas goods such as cosmetics, designer home furniture and health products to consumers in Hainan and beyond. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy,BRI Trade,BRI Investment,Belt and Road weekly,Know Belt and Road,and the integrated information services for the Belt and Road Initiative (BRI).

Source: Suning to expand business in China’s duty-free retail market

Labels:

Comments

Post a Comment

Popular posts from this blog

Singapore’s manufacturing output declines 0.9 pct on year in October

Abstract : Singapore Economic Development Board announced on Thursday that the country's manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. SINGAPORE, Nov. 26 (Xinhua) — Singapore Economic Development Board announced on Thursday that the country’s manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. Excluding biomedical manufacturing, the output fell 2.7 percent in October from a year ago. On a seasonally adjusted month-on-month basis, Singapore’s manufacturing output decreased 19 percent in October. Excluding biomedical manufacturing, the output fell 2.9 percent. As for the performance of different clusters, the electronics cluster’s output fell 0.6 percent year on year in October, compared to a revised 33.1 percent increase in September. The biomedical manufacturing cluster saw its output grow 10.2 percent in October, compared to a revi...
Post a Comment
Read more

China’s Greater Bay Area to take lead in traditional medicines

Abstract : Guangdong, Hong Kong and Macao will strengthen cooperation in building a "highland" for the traditional Chinese medicine (TCM) sector, according to an official plan unveiled on Thursday. GUANGZHOU, Oct. 23 (Xinhua) — Guangdong, Hong Kong and Macao will strengthen cooperation in building a “highland” for the traditional Chinese medicine (TCM) sector, according to an official plan unveiled on Thursday. The plan was jointly released by the National Administration of Traditional Chinese Medicine, the office of the leading group for the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the provincial government of Guangdong. According to the plan, the bay area aims to take the lead in innovation, industry development and personnel training of TCM, as well as promoting its internationalization. The region plans to build a group of high-level TCM hospitals by 2022 and help several well-known local TCM brands enter the global market. By 2025, the inter...
Post a Comment
Read more

Economic Watch: China’s industrial profits rebound, pressure persists

Abstract : Profits of China's major industrial firms rebounded in the second quarter (Q2) as business activities continued to pick up, but the recovery still faces uncertainties due to the global spread of COVID-19. BEIJING, July 27 (Xinhua) — Profits of China’s major industrial firms rebounded in the second quarter (Q2) as business activities continued to pick up, but the recovery still faces uncertainties due to the global spread of COVID-19 . In Q2, profits of industrial companies with annual revenue of more than 20 million yuan (about 2.86 million U.S. dollars) rose by 4.8 percent year on year, reversing the 36.7-percent decline in Q1, the National Bureau of Statistics (NBS) said on Monday. In June alone, major industrial firms saw their profits rise by 11.5 percent to 666.55 billion yuan, widening by 5.5 percentage points from that in May, said NBS senior statistician Zhu Hong. The quickened growth in industrial production and sales, as well as the moderate drop in the fa...
Post a Comment
Read more