Instant tax refunds up after policy rollout

The number of overseas visitors claiming China's instant tax refund surged 12.96-fold within one year after the policy's nationwide rollout, the State Administration of Taxation said on Monday. During the same period, both the sales of tax refundeligible goods and the total instant tax refunds jumped 9.35-fold year-on-year, official data showed. As an upgrade within China's existing departure tax refund policy, instant tax refund allows overseas visitors to receive a tax rebate in cash on the spot at designated retail stores after signing an agreement and processing a credit card pre-authorization.

Insurance sector sees steady premium growth

The insurance industry posted steady growth in premium income in the first quarter, industry data showed. The industry recorded premium income of 2.31 trillion yuan ($336.84 billion) in the first three months of 2026, rising 6.2 percent year-on-year, said the Insurance Association of China.

Xinhua - China Daily