Shanghai Weekly Bulletin (Issue 69, No.2, November 2024）

1. Shanghai Issues Document to Facilitate Financing for MSMEs

The General Office of Shanghai Municipal People's Government recently issued the Action Plan for Improving the Establishment of Shanghai's Financing Credit Service Platform to Facilitate Financing for Micro, Small and Medium-sized Enterprises (MSMEs). The document outlines 12 measures in four aspects, stating that by the end of 2026, the availability and sense of gain of credit financing for MSMEs will be significantly improved, and an inclusive financing service system based on credit information will take initial shape. 

1. 7th CIIE Concluded

The 7th China International Import Expo (CIIE) closed on November 10, 2024. The national exhibition of this year's expo brought together 77 countries and international organizations from five continents, with an exhibition area of 30,000 square meters. Countries of honor include France, Malaysia, Nicaragua, Saudi Arabia, Tanzania, and Uzbekistan. The 360,000-square-meter enterprise exhibition has seen a record of 3,496 exhibitors from 129 countries and regions, including 186 enterprises and institutions that have participated all the seven expos. The total value of tentative deals for one-year purchases of goods and services reached US$80.01 billion, up 2% from the 6th CIIE. The six-day event has seen the gathering of international politicians and corporate executives in Shanghai, the opening of high-quality forums at which a consensus for opening-up has been built, and the signaling of openness through professional matchmaking activities. It demonstrates China's determination and confidence in promoting high-standard opening-up and the development of an open world economy.

Shanghai has officially launched the 365 Trade Fair website 365tradefair.com. The website aims to further promote investment through combination of online and offline exhibitions and combination of exhibitions and trade. It can speed up the development of Shanghai as an international conference and exhibition city and an international trade center. It currently has the sections such as CIIE, Events, Services, and News. Focusing on the promotion of exhibition and trade, it provides businesses with year-round services. 

【Competitive Event】

1. Patent Conversion and Utilization Competition Opens for Registration 

【Culture & Art】

1:Officials with the Ministry of Commerce (MOFCOM) answered questions at a press conference held by the State Council Information Office on the activities of China's International Consumption Center Cities in the Consumption Month: We have noticed that more than three years have passed since the State Council approved Beijing, Shanghai and three other cities to build international consumption center cities. What is the latest progress of this work? What do you plan to do in the next stage?

A1: Cultivating and building international consumption center cities is a major decision made by the CPC Central Committee with a view to building a new development pattern. The MOFCOM has conscientiously implemented the decision and worked with relevant departments to guide the five cities to target the keywords of "international", "consumption" and "center", so as to achieve positive progress and results. At present, the combined retail sales of social consumer goods in the five cities account for more than 13% of the national total, the number of Chinese time-honored brands accounts for 32% of the national total, the import of consumer goods accounts for more than 50% of the national total, and the departure tax refund sales account for about 80% of the national total.

First, high-quality global consumption resources are concentrating at an accelerated pace. Over the past three years, the five cities have targeted to increase the import of high-quality consumer goods, expand opening-up of the service industry, strengthen brand cultivation, and build a highland for consumption upgrades. Shanghai has developed into a distribution center of imported consumer goods, with more than 90% of world-renowned high-end brands having set foothold in the city. Beijing has increased the supply of premium services. Based on its advantages as a city that has held both summer and winter Olympics, Beijing has hosted a number of high-level international sporting events, and developed landmark projects such as Universal Studios, Liangma River Waterfront, and Chaoyang International Light Festival. In the first three quarters of 2024, Beijing's service consumption increased 7.1% year-on-year. Guangzhou has introduced a lot of original cultural performances, and the city staged more large and medium-sized performances in 2023 than any other city in China.

Second, the development of iconic business districts has produced initial success. Over the past three years, the five cities have accelerated the improvement of urban commercial space, pushed for high-quality development of pedestrian streets, and promoted the construction of smart business districts, making shopping more comfortable and convenient for consumers. Shanghai has built two international-standard consumption clusters in the east and west, covering core business areas such as Nanjing Road and Huaihai Road. Beijing has completed the renovation and upgrading of Wangfujing and Sanlitun. Wangfujing and nearby commercial areas received more than 100 million visitors in 2023. Guangzhou has renovated and upgraded historical and cultural blocks such as Beijing Road and Yongqingfang, so that the "old flavor" and "new formats" can complement each other. Tianjin has pushed for the reuse of idle commercial properties and promoted the iterative upgrade of some business districts like Jinjie and Wudadao. Chongqing Guanyinqiao has guided the staggered development of department stores and shopping centers, and introduced a variety of business formats such as oceanariums, cable cars, and animations, with the highest daily visitors exceeding one million.

Third, the ability to lead consumer innovation has continued to improve. Over the past three years, the five cities have promoted the first-store economy, developed new business formats and models, and created new consumption scenarios to bolster market vitality. Shanghai was the first city to announce policies to support the first-store economy, and the city has introduced more than 3,000 first stores from 2021 to 2023. Tianjin has been pushing for the revitalization of historical buildings, developing characteristic consumption scenes such as Anligan Art Center and Min Yuan Xi Li Culture & Invention District. Tianjin has transformed the site of a thermal power plant into a shopping center, becoming a model project of urban renewal. Chongqing has developed 15-minute living circles, and conducted micro-renovation of the Minzhu Village community by integrating new business formats such as coffee shops, teahouses, restaurants and bars, and community canteens, bringing fresh life to the old community. 

Fourth, the international consumption environment is constantly being optimized. Over the past three years, the five cities have continued to improve the payment environment for foreigners, making it "convenient and desiring for global consumers to come to China". Shanghai held the "Shanghai Summer" International Consumption Season, and international tourists reached 4.613 million in the first three quarters of 2024, a year-on-year increase of 100%. Beijing has created inbound consumer-friendly business districts such as Blue Harbor, and increased the coverage of foreign card POS machines in key business districts, scenic spots, four-star and five-star hotels to 95%. Foreigners can also use foreign bank cards to pay for metro bills. In the first three quarters, inbound tourists increased by 2.1 times. Guangzhou has improved foreign-related services and issued China's first local regulation on foreign language signs in public places. The 136th Canton Fair, which was just concluded in Guangzhou, received about 200,000 buyers from all over the world in the first and second phases. 

In the next stage, the MOFCOM will thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, organize themed activities during the consumption month, guide the five cities to create a number of commercial areas, exhibitions, and festival activities with international influence, develop more "must-buy" products, and create more "must-visit and must-play" scenes to meet the people's needs for a better life.