According to China’s Ministry of Commerce on June 30, following negotiations between mainland China and Hong Kong and Macau, it was agreed to raise the duty-free allowance for residents of Hong Kong and Macau entering mainland China to 15,000 RMB ($2,312). This adjustment will be included in the CEPA Trade in Goods Agreement, with specific measures to be announced and implemented by relevant departments. PwC forecasts that Hong Kong’s personal luxury goods market will reach $16.1 billion (HK$125.8 billion) by 2030.