(Yicai Global) March 24 -- Shanghai, China's largest consumer city last year, has introduced 15 measures to further stimulate consumption.
The new measures will promote and expand consumption through the development of the first-store, brand, night, and livestream economies, the local government announced yesterday.
Shanghai will provide support policies to brands opening their first outlets or flagship stores and to international and local brands holding a global premiere, debut show, or first exhibition in the city this year, the government said. Some 1,073 brands opened their first stores in China in Shanghai in 2022, the most of any Chinese city.
To boost the night economy, Shanghai plans to build 10 waterfront nightlife experience zones and create a 24-hour vibrant city in 2023. The government will then issue guidelines for the high-quality development of the night economy to speed up the development of demonstration areas.
Shanghai intends to issue policies targeting the cultivation of new consumption growth points, such as the auto sector, which has strong demand, long duration, and a significant economic impact. The city intends to subsidize new energy vehicles, promote the replacement of old models, while new imported models will be released at the same time as they go to market overseas.
The promotion of green smart home appliances will continue, with plans to give residents a one-time 10 percent off products up to a limit of CNY1,000 (USD146), under the new measures.
Shanghai has prepared promotional activities stretching through the end of the year, such as the May 5th Shopping Festival, co-organized with the commerce ministry's International Consumption Season and running from late next month to late June.
Sales of retail consumer goods in Shanghai totaled about CNY1.6 trillion (USD234 billion) in the 12 months ended Dec. 31, the highest in China, according to official data, while the value of consumer products imported into the metropolis accounted for at least 40 percent of the county's total.
Editors: Shi Yi, Martin Kadiev