New statistics show that despite hurdles involving classification and infrastructure, the value of yacht imports and exports across China’s borders grew 25.7 percent during the last year to $476 million.
Exports accounted for $258 million — an increase of 24.1 percent — and imports also grew 24.1 percent, to $218 million, according to organizers of the China International Boat Show.
The organizers said a trend toward mergers and acquisitions has dominated the leisure boat industry globally. The Italian Ferretti Group became 70 percent Chinese-owned with an investment of 3.7 billion euros. The Dalian Wanda Group acquired British Yacht builder Sunseeker for 320 million euros.
Also in 2013, the Hainan Sundiro Holding Group invested 20 million euros in the acquisition of 75 percent of Italian yacht builder Sanlonrenzo S.p.A.
“These three cases illustrate China's desire to become involved in the global yacht industry and their appreciation of the investment opportunities,” the statement read.
The State Council launched the country's plan for accelerating industrial infrastructure adjustment and upgrading marine infrastructure to facilitate the industry’s growth.
China’s domestic yacht manufacturers and importers are equally concerned about the process of classifying yachts, the statement said.
“This is a process required as a major step toward the customer eventually being able to register his vessel,” it said. “At the moment, the process is complex and repetitive, and ways to simplify the process are under exploration.”
Lastly, the trade association has been notified and invited by the Ministry of Finance Tax Administration to comment on customs and excise duty on yachts. The trend is for tariffs to be reduced, with consumption taxes affected in phased tranches. The tax rate on boats should be less than 10 percent, the organizers said, but this requires further discussion within the industry and with the ministry.