China's provincial-level regions to boost economy, consumption through debut economy in 2025

Chinese provincial-level regions aim to boost consumption and foster new growth areas of consumption through the debut economy, a buzzword frequently mentioned in the work reports of China's local governments these days.

Northeast China's Jilin Province is going to introduce and cultivate 100 first stores by 2025, according to the work report of the government of Jilin. Take Changchun, the capital city of the province, as an example. The first stores introduced so far cover a wide range of sectors including catering, electronics and digital industry, entertainment and retail. The city will further attract more high-quality brands to galvanize the consumer market.

Photo shows a venue of the China Fashion Week Spring/Summer 2025. (Photo courtesy of the organizing committee of the China Fashion Week)

"The development of the first-store economy can bring Jilin consumers a fresh consumption experience and a more diverse range of products and services, making the consumer market more dynamic. It can also drive the development of upstream and downstream industrial chains, enhancing the overall scale and performance of the industry," remarked Ding Zhaoyong, member of the Jilin Provincial Committee of the Chinese People's Political Consultative Conference and associate professor at the School of Economics of Jilin University.

The first-store economy expanded rapidly in 2024. Shanghai, a hub for domestic and international brands launching their first releases, debuts, exhibitions, and stores, saw 1,173 first stores from January to November 2024. Last year, Beijing had 900 first stores, and south China's Guangdong Province attracted more than 800 new first stores of well-known brands.

Xu Xiaoliang, deputy to the Shanghai Municipal People's Congress and executive director and Co-CEO of Fosun International, said for the innovative development of the debut economy, efforts must be made to attract more global brands to launch their first releases, debuts, exhibitions and stores, and improve the quality of this business model to better meet consumers' personalized demands.

"Enhancing both quantity and quality can promote mutually beneficial cooperation and foster healthy competition among brands, driving the development of the industrial chain of the debut economy," Xu said.

An exhibitor introduces products to visitors at the 7th China International Import Expo (CIIE) held in Shanghai. During the 7th CIIE, many technologies and exhibits made their debut. (Xinhua/Wang Xiang)

The debut economy features a brand-new shopping experience. Central China's Hunan Province proposed supporting the development of the debut economy, silver economy and other economic models, aiming to cultivate new consumption scenarios that make daily life more vibrant while reflecting local characteristics and international appeal. Meanwhile, northeast China's Heilongjiang Province proposed innovating diverse consumption scenarios and actively developing the debut economy, including first stores and exhibitions.

"As a new economic model, the debut economy carries great significance in driving the industrial upgrading and economic development of Heilongjiang," said Xu Weiguo, deputy to the Heilongjiang Provincial People's Congress and CEO of Harbin Zhongyanghong Group Co., Ltd.

He suggested that the province should, based on its own industrial characteristics and advantages, identify consumption scenarios for the products of the debut economy, and consolidate Heilongjiang's leading position in green foods.

To help the debut economy thrive, regions across the country are working to create better business environments. Shanghai has proposed 58 new measures to optimize its business environment. Hunan Province has proposed advancing special initiatives to reduce logistics costs and building an efficient comprehensive transportation and logistics network. South China's Hainan Province will benchmark against the World Bank's B-READY and national business environment indicator systems, striving for first-class quantitative indicators such as market access, business premises acquisition, etc.