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In response to the growing anti-corruption measures taken by the Chinese government, the Beijing authorities have collaborated with Hong Kong and Macao to implement new policies aimed at curbing money laundering activities. Recently, officials announced a series of actions designed to prevent mainland tourists and gamblers from using large amounts of debit and credit cards abroad, in an effort to bypass China's regulations on the amount of RMB that can be carried out of the country.
According to Wan Watch World analysis, Hong Kong and Macau remain highly popular destinations for mainland tourists seeking luxury shopping. Many visitors frequently use their credit cards to purchase high-end items such as watches, jewelry, and other premium goods, often taking advantage of cashback offers or instant returns. These practices have been exploited by some individuals to engage in gambling activities, effectively circumventing the 20,000 yuan daily limit on cash that can be taken out of China.
The latest announcement from the Macau government states that no new UnionPay credit card terminals will be installed in pawn shops and jewelry stores operated by casinos. This move is intended to prevent the misuse of financial systems for illicit transactions. Earlier this year, the Central Bank of China also announced steps to combat illegal financial activities and money laundering in both Hong Kong and Macau.
This development signals that mainland tourists may soon face stricter controls when attempting to purchase high-end watches or other luxury items in Hong Kong and Macau. Under current regulations, travelers are only allowed to carry up to 20,000 yuan per day, which makes it nearly impossible to afford expensive items like luxury watches without exceeding the limit.
As these new measures are just being implemented, it remains to be seen how they will affect the flow of mainland tourists to Hong Kong and Macau for shopping. While some may find ways around the rules, the overall trend suggests a tightening of financial controls, which could significantly impact the luxury market in the region.
For now, the situation is still evolving, and the full extent of these changes will become clearer over time. Whether this will lead to a decline in luxury purchases or simply a shift in consumer behavior remains uncertain. However, one thing is clear: the Chinese government is taking decisive action to ensure compliance with its financial regulations and to strengthen oversight of cross-border transactions.