China Promotes New Business Formats to Boost New Types of Consumption

The General Office of the State Council issued the Opinions on Accelerating the Development of New Types of Consumption Led by New Business Formats and Models (Guo Ban Fa No. 32 [2020]) on 21 September, calling for the establishment of a “dual circulation” development pattern with domestic economic cycle playing a leading role and domestic and international economic cycles supplementing each other under conditions of normalised epidemic prevention and control. The main targets include further improving the institutional mechanism and policy system for promoting the development of new types of consumption through hard work in three to five years. By 2025, a batch of demonstration cities and leading enterprises for new types of consumption will take shape, the share of online retail sales of physical products in the total retail sales of consumer goods will increase markedly, and “internet+ service” and other new business formats and models will be popularised and gradually reach maturity.

Source: State Council