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China Tourism Group Duty Free (CDFG), the Hainan-based operator behind most of the country's duty-free shopping, reported 2024 revenue of CNY56.47 billion, down 16.4%, as weak domestic demand and falling Hainan sales hit results.

China switched on island-wide independent customs operations across the Hainan Free Trade Port, expanding zero-tariff product coverage from 21% to 74% of tariff lines and duty-free items from about 1,900 to roughly 6,600.