Shanghai's Pudong releases plan to build intl consumption center

SHANGHAI - Shanghai's Pudong New Area on Wednesday released a three-year action plan to build an international consumption center.

By 2025, Pudong will see preliminary results in building a center gathering international brands, a leading location for fashion trends and a source of consumption innovation, according to the plan.

By then, total retail sales of social consumer goods in Pudong will exceed 400 billion yuan ($58 billion), and the revenue of cultural, sports and tourism industries will top 300 billion yuan. Online shopping transaction volume and cross-border e-commerce trade volume will each reach 100 billion yuan, per the plan.

To achieve these goals, Pudong will take a series of measures to stimulate consumption potential, including the development of demonstration projects related to the night economy, and holding 10 to 20 influential launch activities in the business, tourism, culture and sports sectors each year.

Since the beginning of this year, the consumer market in Pudong has rebounded rapidly. Data from the Pudong New Area's commission of commerce shows that the retail sales of consumer goods in Pudong totaled 99.1 billion yuan in the first quarter of this year, up 14.5 percent year-on-year.