City releases measures to boost consumption

Shanghai released 12 measures to further foster consumption on Tuesday, focusing on the Double Five Shopping Festival, upgraded consumption, digital transformation and support systems.

The measures are aimed at expanding and improving the city’s consumption, and to accelerate the development of Shanghai as an international consumption center.

The city raised the importance of the Double Five Shopping Festival, clarifying its goal to develop the shopping festival as an emblematic campaign of the establishment of a consumption center.

More efforts will be made to promote upgraded consumption, including expanding high-end consumption, encouraging brands to debut new products in the city and enhancing the influence of local brands.

The city plans to support companies to set up more high-end flagship stores and experience stores. 

A new round of subsidies will be offered for replacing old cars with new, and enterprises will be encouraged to give discounts to consumers to phase out old household appliances and buy new products that are smart and environmentally friendly.

Digital transformation will be further deepened, with the establishment of demonstration areas and pilot projects of digital yuan application.

In terms of strengthening support systems, the city will promote infrastructure construction. Financial support will also be enhanced, and consumer services further improved.