September 18, 2025 06:37 PM GMT China's Emerging Frontiers | Asia Pacific Morgan Stanley Asia Limited+ Inbound Travel Retail: Encouraging Tax-free Shopping Growth Year to Date What's new: Ministry of Commerce said that by end-August 2025, there were 10K merchants in China eligible for tax-free shopping, 3x that of Dec-24. In the first eight months of the year, the number of shoppers claiming a tax refund was +248% yoy and retail sales of tax-refund shopping were +98% yoy. This is an acceleration from +186% ...