Shanghai launches measures to promote 'debut economy'

Updated: Apr 12, 2024 By WANG YING in Shanghai chinadaily.com.cn Print
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Consumers browse products at a mall with promotional events for Double Five shopping festival in Shanghai on Monday. [LIU XIN/FOR CHINA DAILY]

The municipal government of Shanghai has launched a slew of measures to promote the high-quality development of the "debut economy", as part of its initiative to establish itself as a global consumption hub, according to official sources.

These measures will include hosting the First in Shanghai global product debut season, introducing additional flagship stores to the city, and providing subsidies for debut products, shows, and exhibitions.

The measures aim to elevate the quality of Shanghai's debut economy, attracting more enterprises and brands to establish Shanghai as a leading hub of the debut economy with global influence.

This vision was highlighted by Zhu Min, director of the Shanghai Municipal Commission of Commerce, during the launch ceremony of the 'First in Shanghai' global promotion on Thursday.

"More than 4,500 brands home and abroad launched debut activities in the city between May 2018 and December 2023, and some 5,840 first stores of various levels were opened across Shanghai during the same period, including more than 80 of first stores across Asia or beyond," said Zhu.

This momentum continued into the current year with the opening of 450 new first stores in the first quarter, representing a 55 percent year-on-year increase and setting new records, said Zhu.

Cao Weiming, president of Hermès China, stated that over the past decade, China has emerged as the most important consumer market, adding that he believed the Chinese market will continue to be an attractive destination for global brands in the upcoming decades.

Recognizing the significant consumption potential in Shanghai, Cao said he expects to expand the current number of Hermès stores, which currently stands at four, to 10 or more within the next decade.

Fujian province-based sportswear company, Anta Sports Products Ltd, is set to open the first zero-carbon store in Shanghai on April 22. This store will be the first carbon-neutral retail establishment certified by the authorities in China's sports products industry, according to Xu Yang, CEO of the Anta brand.

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