China develops first economy to expand high-quality supply

BEIJING, September 29, 2024 /PRNewswire/ — Reporting from People’s Daily: A toy brand recently opened its first store in the center Chinese At Grandjoy shopping mall Changshacapital city Hunan province. More than 3,000 initial products featuring over 100 popular intellectual properties were released, many of which were a hit with young consumers and sold out on the first day. Store reported sales revenue 170,000 yuan ($23,942) on opening day.

The store manager said that in the future, new products and fresh experiences will be constantly offered to consumers.

This buzz and excitement that comes with the launch of something new is exactly what defined the early economy. In recent years, China’s primary economy has achieved steady development. In 2023, hundreds or even thousands of first stores were opened in cities like . Beijing, Shanghai, Guangzhou, Chengdu And xi’an.

The first economy covers everything from the initial launch of a product, the opening of flagship stores, the launch of new services, and the creation of new business models and technologies. It covers the entire development process of a company, from the launch and demonstration of the first products and services to the establishment of the first physical stores, R&D centers and corporate headquarters.

“The first economy is inherently innovative,” he said Hong YongHe works as a researcher in the e-commerce research department of the China Academy of International Trade and Economic Cooperation.

Hong explained that what made the early economy so important was “exit”, adding that the new products, technologies, services, business forms and business models introduced to the market were trendy, reliable and trendy.

Launch events at major exhibitions attract great attention from visitors. For example, a total of 442 new products, technologies and services were introduced at the sixth China International Import Expo (CIIE) held last year.

In many regions Chinese They are developing the first economy and have implemented a number of measures. By the end of last year, more than 40 policies and measures had been published across the country encouraging businesses to open their first regional stores.

According to statistics, 485 first stores were opened in the first half of this year. BeijingThere are first sales points, flagship stores and innovative concept stores of various brands.

Last year, Shanghai It opened 1,215 first stores, an increase of 13.2 percent compared to last year. From May 2018 with December 2023Launch events of more than 4,500 international and Chinese brands were held ShanghaiIt introduces 5,840 first stores, including more than 80 Asian and global first stores.

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“I finally got the shoes I’ve been waiting for a long time. I’m really excited,” he said. Wang Yuea consumer Beijing.

This year, ahead of the Qixi Festival, or Chinese Valentine’s Day, Wang spotted limited-edition canvas shoes from a popular Chinese fashion brand. of china We booked the shoe launch with the trendy e-commerce app Dewu. The product sold out just two minutes after its launch.

“In today’s consumer market, launch events have become a major focal point in consumers’ decision-making process,” said an executive from Dewu App. He explained that personalized, diversified and experiential demands are becoming increasingly common in the developing consumer market. The executive added that the desire for innovation has become a typical mindset, especially among young consumers.

The first emerging economy is in line with the development of the Chinese consumer market and holds great prospects. From a macro perspective, the large Chinese consumer market has enormous potential that includes lower costs, accelerated iterations and innovation scenarios, thus enabling the mass production of new products and providing fertile ground for the development of the first economy.

From an industry perspective, the startup economy fosters industrial development and supply-side innovation. For example, a wholesale clothing market Guangzhoucapital of the south of china Guangdong The province has established a specialized industry and introduced over 100 top designer brands to transform business models and increase market influence. Increasingly traditional wholesale markets Chinese They are looking to expand their online and offline presence by introducing new brands and products.

The rapid development of the startup economy has provided greater market opportunities for global brands.

Universal Beijing Resort, for example, has quickly become a popular tourist attraction since the opening of its first phase. Last year, the facility received approximately 9.88 million visitors, attracting approximately 16 million people to the surrounding commercial areas.

This year, a number of Chinese and international premium brands opened their first stores and launched their products. of shanghai Nanjing West Road commercial district. Birkenstock celebrates its 250th anniversary of shanghai ZhangYuan or Zhang’s Garden introduces the 1774 high-end series Chinese first. At the Shanghai International Cosmetics Festival, seven major beauty companies, including L’Oréal, Estée Lauder and Sisley, launched new beauty products.

Zou Yunhan, deputy head of the macroeconomic research office of the Department of Economic Forecasting. of china The entry into the economy can lead to the accumulation of advantageous resources on the supply side by combining production, R&D and sales advantages, the State Information Center said.

Zou added that the development of the startup economy not only helps improve the consumption side but also promotes the transformation and improvement of the production side.

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SOURCE People’s Daily