The Beijing branch of the Industrial and Commercial Bank of China (ICBC) became the agent for Sweden-based Global Refund in Beijing to offer refund services for tourists.
With the new business relationship, Beijingers who travel abroad may get their refund tax money back at home, after purchasing items abroad, instead of in foreign tourist destinations.
The Global Refund has established some 600 refund agencies in about 27 countries and regions all over the world. It has been generally acknowledged that the refund business not only brings convenience to tourists but also helps to stimulate buying in foreign countries.
The Global Refund had set up a business relationship with Shanghai ICBC before it singed agreement with Beijing.
(Eastday 05/25/2001)
