BEIJING — China's Hainan province will increase its annual tax-free shopping quota for travelers, according to the Ministry of Finance (MOF) on June 29.

With effect from July 1, the quota will be raised to 100,000 yuan (about $14,123) per person each year from the current 30,000 yuan, the MOF and China's customs and taxation authorities said in a joint statement.

The categories of duty-free goods will also be expanded, said the statement, while some electronic products will be added to the duty-free list.

The current tax-free limit of 8,000 yuan for a single product will be lifted, and the number of categories with a single-purchase quantity limit will be significantly reduced, according to the statement.

The duty-free shopping policy was implemented in April 2011 and has been improved since then, with the sales of offshore duty-free shopping hitting 53.8 billion yuan and the number of buyers reaching 16.31 million by the end of 2019.

The policy adjustment will greatly improve consumers' shopping experience, release policy dividends and enhance confidence in the development of the Hainan Free Trade Port, said an official with the MOF.