China’s Instant Refund Rollout Fuels Duty-Free Stock Surge

China has taken a decisive step in reshaping the tax refund experience for foreign shoppers. On April 8, authorities rolled out the “instant refund” policy nationwide, allowing international visitors to receive on-the-spot cash equivalents of VAT rebates at participating stores. No more waiting for airport counters or post-departure refunds—travelers now get RMB advances after a quick agreement and credit pre-authorization, with the transaction finalized once customs clearance is confirmed.

Markets were quick to react. China Duty Free Group’s A-shares hit their daily limit, and its Hong Kong stock surged over 23%. Retail players like Wangfujing, Gree Real Estate, and UTour Group also rallied—buoyed not just by the policy change, but by wider geopolitical shifts.<