Beijing to develop multiple 100-bln-yuan consumption hubs by 2030

Beijing plans to develop two to three new landmark integrated consumption hubs by 2030, with each targeting annual sales revenue of over 100 billion yuan (about 14 billion U.S. dollars) by blending consumption scenarios of culture, commerce, tourism and sports, the municipal commerce bureau has announced.

Beijing has implemented a consumption stimulus action plan, aiming to achieve an average annual growth of around 5 percent in total market consumption by 2030.

The Chinese capital's move is designed to further strengthen its global influence in consumption market, enhance resource allocation efficiency, and reinforce its pioneering role in consumption innovation, according to the bureau.

The plan encompasses more than 20 specific measures across multiple dimensions, including initiatives to boost household incomes while alleviating financial burdens, enhance service consumption experiences, invigorate commodity consumption, expand consumption value chains, create diversified integrated spaces, and optimize the consumption environment.

In July 2021, China approved Shanghai, Beijing, Guangzhou, Tianjin and Chongqing to take the lead in building international consumption center cities.

By the end of 2024, Beijing had developed more than 60 shopping districts, which received 2.67 billion visitors last year, a year-on-year increase of 10.7 percent. ■