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Shanghai blazes path in growing debut economy
Shanghai stands out as a pioneer of China's debut economy, a concept that was highlighted during the tone-setting annual Central Economic Work Conference on Dec 11-12 in Beijing.
The debut economy is believed to hold immense potential for boosting consumer demand and reshaping the retail market, experts said while discussing the impact of the meeting, which outlined priorities for economic work in 2025.
Debut economy refers to the benefits that are generated by product launches or the opening of first stores in a region, and also covers the launch of new services or creation of new business models and technologies.
"Developing the debut economy serves the demand for China's enhanced manufacturing capability as well as a unified national market," said Sun Lijian, director of Fudan University's Financial Research Center.
As China is driving its economy with new quality productive forces, the timing is right to promote the debut economy with its inherent innovation and creativity to better satisfy the evolving consumer market, said Sun.
"Shanghai is a pioneer among Chinese cities in exploring the debut economy, and it should further explore the gigantic consumer market by presenting new launches and debut shows of various brands," Sun added.
As the first destination for many international brands entering the Chinese market, Shanghai should offer the highest standard of international offerings and boost market vitality with best experiences and a sound business environment, and should also encourage innovation, he said.
Shanghai introduced the nation's first-store economy as early as 2018, and invited more than 4,500 brands from home and abroad to launch debut activities in the city between May 2018 and December 2023, said Zhu Min, director of the Shanghai Commission of Commerce. Around 5,840 first stores at various levels were opened in Shanghai during that same period, Zhu said.
This year, the momentum continued, as 450 first stores opened in the city in the first quarter, up 55 percent year-on-year, Zhu said.
The debut economy has three features, according to a research report by CITIC Securities. It involves the introduction of products and services that encourage multiple-format innovation, chain development that covers most of the industrial sector, and a leading role that facilitates industrial upgrading.
"The debut economy will play a great role in promoting high-quality new consumer supply and stimulating domestic consumption demand, as the Central Economic Work Conference has emphasized," the report said.
Chen Guo, chief strategist at China Securities, was quoted by Shenzhen Securities Times as saying that the debut economy can lead the consumption trend, enhance brand image and promote industrial upgrade.
Among all the opportunities, new business or new services can be discovered in sectors including toys, games, film and television, and theaters, as well as the launch of first stores in the retail sector, Chen added.
In recent years, the debut economy has shown its attraction among cities including Shanghai and Beijing, as well as Chengdu in Sichuan province, Guangzhou in Guangdong province, and Nanjing in Jiangsu province, and dozens of policies or measures were issued to encourage first stores across China as of 2023, according to Shanghai Securities News, citing statistics from the China General Chamber of Commerce.
Furthermore, Sun, from Fudan University's Financial Research Center, noted that the Central Economic Work Conference in Beijing proposed the promotion of the debut economy along with the ice and snow economy and the silver economy.
Source: China Daily
