Beijing highlighted as brand destination

In addition to "first stores", Beijing is a central destination for time-honored brands, with 223 reaching total annual revenue of 130 billion yuan ($18 billion). Beijing is also an incubator for emerging brands, as more than 300 have been developed there.

"Beijing will adhere to the combination of introduction and training to create a capital characteristic brands matrix, and continuously optimize the support of physical commercial carriers, accelerate the construction of a large-scale consumption pattern that integrates business, culture, tourism, and sports, and continue to create a first-class consumption environment," Guo added.

He also expressed his hope that domestic and foreign brands will seize the opportunity to build an international consumption center city and expand their business layout in Beijing, making good use of the city's scientific and technological resources, optimize and improve the efficiency of the supply chain and expand new models and scenarios of digital consumption such as e-commerce and live streaming.