Shanghai seeks to become global hub for 'firsts'
The Shanghai government on March 16 announced a series of measures and activities aimed at promoting the high-quality development of what it calls the "debut economy", as the East China metropolis works to become a global consumption hub, according to official sources.
The latest policy package seeks to optimize the business environment in the city and encourage the introduction of more "first" stores, debut products, shows and exhibitions.
According to Commerce Minister Wang Wentao, a series of "first" events is set to take place in Shanghai and other cities aiming to unleash market potential and promote the integration of domestic and international trade.
"We hope Shanghai will continue to lead the development of the debut economy nationwide and drive high-quality economic growth to a higher level," Wang said.
Since introducing policies to boost the debut economy in 2018, Shanghai has become a top destination for domestic and international brands to launch their first stores, debut products and host shows and exhibitions, said Shanghai Mayor Gong Zheng.
To maintain its appeal as a consumption hub, Shanghai will continue to attract high-quality brands to open their first stores, create new consumption experiences and scenarios, and enhance the business environment, Gong said.
With the aim of creating "First in Shanghai" as a city brand, the measures seek to attract more high-profile events, position the initiative as a global consumption bellwether and make Shanghai the top choice for international brands entering the Chinese market, said the city's Vice-Mayor Hua Yuan.
More than 3,500 domestic and international brands have held debut activities in the city as of the end of 2024, with 1,269 first stores opening in Shanghai last year, Hua said. These included 14 first stores across Asia or beyond and 202 debut stores at the national or Chinese mainland level — leading Chinese cities in both quantity and quality, he added.
