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November 17, 2015

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Consumption set to drive economy

SHANGHAI expects consumption to help boost other sectors like trade and services to drive the city’s economy over the next five years, Shang Yuying, chairwoman of the Shanghai Commission of Commerce, said yesterday.

“Shanghai will continue to build up its consumption capacity,” Shang said at a media briefing on the proposals for the city’s 13th Five-Year (2016-2020) Plan.

“We see renowned cities like New York, London and Tokyo are the world’s financial centers or trading centers as well as strong consumption-driven cities.”

Shang said more aggressive efforts will be made to attract more global brands to establish a presence in Shanghai and at the same time the commission will help local brands expand globally to boost trade.

“Strong consumption demand is a guarantee to help trade grow stably,” Shang added.


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