City poised to boost consumption levels
Shanghai will launch a series of measures to increase consumer spending during the 13th Five-Year Plan (2016-20) in an effort to drive a new round of economic growth.
Under the new normal, personalized and diversified consumption will gradually become mainstream. The new model will be driven by consumption upgrades and technological innovation resulting in the new business model becoming a powerful driving force for economic growth.
Officials said the city will promote the upgrading of consumption structures and will strive to make the rate of consumption growth exceed that of general economic growth. The contribution of consumption to economic growth will reach 70 percent by 2020.
According to the plan, the city will expand supply chains and promote new high-quality brand products and stores. It will also cultivate new local brand products and enterprises with high brand value to increase the influence of Shanghai businesses in the global network.
Meanwhile, the city will create business districts and communities with international influence as well as build consumer venues that will become world famous landmarks.
In addition to adjusting and optimizing commercial forms, the city will promote the development and application of new technology in the commercial sector. A number of platforms and projects that integrate commerce, tourism and culture will be developed. This will increase access for overseas consumers and enlarge the size of the consumer market.
The city will also optimize the consumption environment, further increasing the attractiveness of Shanghai's commercial and innovation sectors. It will improve the layouts of various commercial facilities and basic public services in the consumer sector to enhance convenience and accessibility for the public.
In addition, the city will improve systems for new forms of consumption. It will guide and standardize the market by improving regulation and policy systems to build a strong environment commercial development.
(China Daily 11/11/2016 page7)
