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Wenzhou Plans to Invest 100 Million Yuan a Year in New Consumption
Date:2021-09-22 09:20:24 Source:Wenzhou·China Fonts:[ Large Medium Small ]

On September 18, Wenzhou held a mobilization meeting for the creation of a regional consumption center city. In order to further enhance the fundamental role of consumption in Wenzhou’s economic development, Wenzhou has recently issued the Implementation Plan for Vigorously Cultivating and Developing “New Consumption in Wenzhou” to Accelerate the Creation of a Regional Consumption Center City (hereinafter referred to as The Implementation Plan), and will officially release Several Policy for Vigorously Developing the First Shows and First Stores to Promote Quality Consumption (hereinafter referred to as The Policy Opinions). It plans to establish a special fund for the cultivation of new consumption in Wenzhou with a quota of 100 million yuan per year.

The introduction of a series of new consumption-related policies aims to accelerate the gathering of consumption resources, optimize consumption supply, improve consumption services and environment, stimulate consumption demand, release consumption potential, attract consumption flow back and promote consumption upgrading. By fostering “new consumption in Wenzhou” and accelerating the construction of a regional consumption center city, Wenzhou will become a regional consumption center city that influences Zhejiang, Fujian, Jiangxi and even the Yangtze River Delta.

The Implementation Plan puts forward the overall goal and paths for the promotion of consumption in Wenzhou in the next five years. It points out that by 2025, Wenzhou will achieve an obvious increase of its commercial popularity, leading digital life services, a marked enhancement of consumption experience, a constantly optimized consumption environment, and a rich and diverse consumption industry, striving to obtain a total retail sales of social consumer goods of 500 billion yuan, an online retail sales of over 300 billion yuan, a per capita consumption expenditure of 43,750 yuan, and a contribution of consumption to economic growth of above 60%.

The Implementation Plan proposes that Wenzhou will build itself into a gathering place of first shows and first stores of famous brands, a place where quality consumption resources converge, fashionable and trendy consumption takes place, cultural tourism, recreation and health consumption destinations locate, domestic and foreign trade are integrated and safe consumption experiences can be found. To this end, Wenzhou will carry out “Five Major Projects”, including the project of attracting and improving the quality of first show and first store economy, the project of the energy level of urban consumption scenes, the project of integrating consumption in new areas, the project of gathering multiple cross-consumption business models, and the project of cultivating boutique Wenzhou products.

The mobilization meeting gave a detailed interpretation of The Policy Opinions from the three aspects of the first shows and first stores, new consumption resources and new consumption formats. Taking the first shows and first stores as an example, The Policy Opinions stipulates to support the first shows and the introduction of first stores. Well-known international brands and domestic brands (including Chinese time-honored brands) that launch their first shows or first stores in Oujiang Reception Hall or Wuma Business District will be given a reward equal to 50% of the total cost of venue rent and exhibition hall construction, with a maximum of 1 million yuan. If they sign agreements to settle in Wenzhou for more than 3 years or to open in Wenzhou their first stores in the mainland of China or in Zhejiang with their own properties, they will be rewarded with 2 million yuan and 1 million yuan respectively.

Lucheng District, as the core urban area of Wenzhou to build a regional consumption center city, has recently issued the Implementation Opinions on Accelerating the Development of the First Store Economy in Lucheng District, which will provide preferential policies in terms of venue, rent and tax in order to attract more renowned brands to Lucheng and inject strong impetus into the development of new and old core business districts.

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