In the south of China, in the city of Guangzhou, the first stage of the 138th import and export exhibition of the same name has ended. According to the organizers, the event attracted more than 157 thousand buyers from all over the world. Guangzhou Customs reports that the total amount of VAT refund applications from October 1 to October 20 reached a record high of 27 million yuan, or about 3.8 million thousand dollars, an increase of 120 percent year-on-year.
Since the Guangzhou Fair opened on October 15, the number of foreign buyers in our shopping mall has increased by 30 percent. Over the past week, the volume of applications for VAT refunds has increased more than fivefold. Among the most popular goods among foreigners are electronics, watches of famous brands, fashionable clothes. Digital products account for about 41% of sales.
SOURCE: CGTN News