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November 7, 2021

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Shanghai on right track to become a consumption hub

By Ding Yining | 00:00 UTC+8 November 7, 2021 | Print Edition

SHANGHAI has pledged further support toward becoming a consumption hub, while more multinationals are hoping to elevate the city’s position with innovative offerings.

Vice Mayor Zong Ming told the Hongqiao International Economic Forum that Shanghai is on the right track to become a consumption hub, as the city pledged further support for various kinds of business.

It will also build up new commercial hubs and districts with strong business vitality to upgrade consumption offerings.

Experts and industry executives praised Shanghai’s continuous efforts in building up a consumption hub.

They suggested further initiatives in the field and made proposal for new initiatives.

“CIIE is a major platform for Shanghai to establish an international consumption hub, and the city shall continue to explore new consumption opportunities and business formats,” said Yang Jirui, director of the China Consumer Economics Society, a non-profit organization focusing on the study of consumption economics.

In an interview with Shanghai Daily, he said the city shall further leverage the expo to enhance cultural exchanges with overseas brands and bring more niche brands to set up their first physical stores in the city.

“It’s also essential to further attract research, development capabilities and high-quality craftsmanship from overseas to enhance innovation in the industry supply chain,” he said.

He also suggested Shanghai set up a number of modern shopping districts and special neighborhoods, with shop labels and logos in foreign languages to enhance capabilities and attractiveness.

Wang Wei, research fellow and director-general of the Institute for Market Economy at the Development Research Center of the State Council, said that a congregation of premium brands offers consumers a wide variety of choice.

“An increasing supply of high-quality consumer goods would in return push competition and product upgrades in the domestic market,” she noted.

Retailers are rushing to the CIIE platform to express their upbeat sentiments over the huge market potential.

Danone has brought more than 30 new offerings through CIIE in the past three years and all of these exhibits have turned into popular products on the retail channel.

This year, it is offering more than two dozen nutritional products covering the demand for infants and senior.

Bruno Chevot, president for China and Oceania region of Danone, expects China to become the company’s biggest market in five years.

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