Vigorously Promoting the Construction of the International Consumption Center: Beijing Offering up to 2 Million Yuan Subsidy for Incubating New Consumer Brands

In order to facilitate the construction of the international consumption center city and accelerate the incubation of new consumer brands, the Beijing Municipal Commerce Bureau recently issued a notice on applying for new consumer brand incubation projects in 2021, intending to provide support for new consumer brand incubation base's renovation projects, new consumer brand enterprise development projects, and new consumer brand incubators to build service platforms. Among them, the new consumer brand incubation base can receive up to 2 million yuan in financial support.

（Photo Credit：CFP.CN）

According to the notice, Beijing encourages the listed and operating new consumer brand incubation bases to carry out the transformation of public venues and public service facilities to prepare for the incubation of new consumer brands and holding publicity activities and redirecting inbound marketing, and enhance the construction and transformation of the public service information system to provide a good incubation space for the incubating enterprises. The support content includes the renovation and transformation of software and hardware equipment since 2021. The proportion of financial support for base reconstruction shall not exceed 50% of the actual approved investment of the project, and the maximum shall not exceed 2 million yuan.

For new consumer brand enterprise development projects, support includes brand building such as trademark and patent registration applications, product innovation, accelerated iteration, and brand demonstration store and flagship store construction. The proportion of financial support for new consumer brand enterprise development projects shall not exceed 50% of the actual approved investment amount of the project, and the maximum shall not exceed 1 million yuan. For the new consumer brand incubators that have carried out influential incubation training, new consumer brand forums and list release activities in Beijing since 2021, they can enjoy financial support on venue rental and construction costs, and the proportion shall not exceed 30% of the actual approved investment amount of the project, and the maximum shall not exceed 500,000 yuan.

The 2021 China International Fair for Trade in Services (CIFTIS) has been held at the Beijing National Convention Center and Shougang Park from September 2-7. During the fair, 2021 Beijing International Consumption Center Urban Forum was specially held, with the theme of "International · Consumption · Center", bringing together builders of global international consumption center cities, domestic and foreign innovators in the field of commercial consumption, as well as experts and scholars to carry out authoritative interpretation and in-depth sharing. It has further deepened understanding, built consensus, and enlightened wisdom to start a new journey of building an international consumption center city with Beijing characteristics.

At this forum, Yan Ligang, Secretary of the Party Leadership Group and Director-General of Beijing Municipal Commerce Bureau, released the "Implementation Plan on Beijing's Cultivation and Construction of an International Consumer Center". According to Yan Ligang, Beijing strives to achieve significant improvements in key indicators such as international popularity, consumer prosperity, business activity, convenience of arrival, consumer comfort, and policy guidance within five years and take the lead in building an international consumer center city with global influence, competitiveness, and reputation.

Beijing will fully implement "Ten Special Actions", including actions on "new consumption landmark building, consumer brand matrix cultivation, innovation and leading in digital consumption, release of cultural tourism consumption's potential, quality improvement of sports consumption, upgrade of education and medical consumption level, expansion and quality improvement of conference and exhibition consumption, optimization and upgrading of the modern circulation system, creation of new superior consumption environment, consumption promotion mechanism and coordinated guarantee.

Li Zhijie, Deputy Secretary-General of the Beijing Municipal Government, stated at the forum that cultivating an international consumption center is a strategic deployment of the Party Central Committee and the State Council. With the focus on building a new development pattern with domestic circulation as the main body and mutual promotion of domestic and international "dual circulation", it endeavors to continuously enhance the ability of China's cities to attract and drive global consumption, allocate resources and lead innovation. As the capital of China and a megacity, Beijing has a profound historical and cultural heritage, an open platform to the outside world, strong technological innovation capability, and a beautiful ecological and livable environment. It is the first city in China to reach 10,000 yuan in commodity consumption, and is also among the top ten shopping cities in the world, with a solid foundation for cultivating an international consumer city.

In the next step, Beijing will focus on the core of consumption, grasp the key to building the consumption center, adhere to the combination of market guidance and government guidance, stick to the coordinated development of domestic and international consumption as well as the coordinated promotion of traditional consumption and new consumption, enhance consumption supply and consumer demand, and insist on quality improvement and scale development at the same time. Beijing endeavors to build an international consumer center city with international influence, competitiveness and reputation by 2025, and become a fashionable shopping city, a gourmet city that gathers global flavors, a global tourism destination, and a benchmark city that leads in innovation ecosystem and new consumption. By creating a city with global competitiveness in sports, education, medical care and exhibitions, Beijing will better satisfy the people's yearning for a better life.