China to Accelerate Development of International Consumption Centers
The State Council outlines plans to transform major cities into global consumption hubs to boost domestic demand.
On March 26, the State Council of China announced a comprehensive plan aimed at expediting the transformation of several key cities into international consumption centers.
Through a document released by the Ministry of Commerce, the initiative emphasizes the importance of Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing in this endeavor.
The primary goal is to cultivate a consumption environment that is globally attractive, expand domestic demand, and promote high-level economic openness.
Among the key strategies highlighted, the Chinese government aims to actively promote the 'debut economy,' which focuses on attracting global high-quality brands to establish flagship stores in these cities.
The plan includes efforts to set up research and development design centers and construct regional headquarters for international companies, thereby enhancing the ecosystem supporting the debut economy.
In an effort to facilitate international arrivals, China will expand its unilateral visa-free travel policy in a structured manner, enhancing the overall consumption environment.
The government intends to capitalize on duty-free stores and the national tax-refund-upon-departure policy to further incentivize consumer spending from both domestic and international visitors.
Moreover, the initiative outlines plans for organizing various large-scale activities aimed at promoting consumption, such as hosting international sports events and performance shows.
The objective is to increase the availability of high-quality goods and services while fostering deeper economic and trade cooperation along with people-to-people exchanges.
The measures outlined in the State Council document reflect China's commitment to enhancing its position in the global consumption market and adapting to evolving economic landscapes.
Through a document released by the Ministry of Commerce, the initiative emphasizes the importance of Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing in this endeavor.
The primary goal is to cultivate a consumption environment that is globally attractive, expand domestic demand, and promote high-level economic openness.
Among the key strategies highlighted, the Chinese government aims to actively promote the 'debut economy,' which focuses on attracting global high-quality brands to establish flagship stores in these cities.
The plan includes efforts to set up research and development design centers and construct regional headquarters for international companies, thereby enhancing the ecosystem supporting the debut economy.
In an effort to facilitate international arrivals, China will expand its unilateral visa-free travel policy in a structured manner, enhancing the overall consumption environment.
The government intends to capitalize on duty-free stores and the national tax-refund-upon-departure policy to further incentivize consumer spending from both domestic and international visitors.
Moreover, the initiative outlines plans for organizing various large-scale activities aimed at promoting consumption, such as hosting international sports events and performance shows.
The objective is to increase the availability of high-quality goods and services while fostering deeper economic and trade cooperation along with people-to-people exchanges.
The measures outlined in the State Council document reflect China's commitment to enhancing its position in the global consumption market and adapting to evolving economic landscapes.
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