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Wuxi to build an international consumption center

By Liu Tianyang in Wuxi, Jiangsu | chinadaily.com.cn | Updated: 2021-10-02 15:40

Wuxi, in East China’s Jiangsu province, strives to build an international consumption center. [Photo/IC]

Driven by the build-out of globalization, integration of the global consumer market, as well as China's wider push for a dual-circulation strategy, more and more cities in China need to rely on a developed consumer market, convenient transportation network, and superior consumption environment to attract consumption resources from all over the world.

As one of the factors driving economic growth, consumption seems more prominent in the dual-circulation pattern. So far, more than 20 cities in China have joined the competition of building international consumption centers.

Wuxi, in East China's Jiangsu province, is ready to make an entrance to the contest.

The three-year action plan of Wuxi to build an international consumption center city (2021-2023) was disclosed during the Wuxi Shopping Festival 2021 on Oct 1.

By 2023, consumption will contribute 60 percent to the economic growth of Wuxi and the total retail sales of consumer goods will exceed 400 billion yuan ($62.05 billion), generating an annual growth rate of more than 9 percent. Meanwhile, online retail sales will grow by more than 10 percent, according to the action plan.

"Our next goal is to vigorously develop the platform economy and actively develop the fresh e-commerce business mode. We hope to make life much easier for consumers while improving the consumption level," said Zhang Junjun, CEO of Jiangsu Wuxi Sunny Group, which attended the Wuxi Shopping Festival 2021.

The Wuxi Shopping Festival 2021 kicks off on Oct 1 with different enterprises and industries gathering together. [Photo provided to chinadaily.com.cn]

"We also hope to contribute to Wuxi's early realization of a 400-billion-yuan goal through a consumer-oriented industry approach," Zhang added.

During this shopping festival, a total of 30 million yuan of coupons will be distributed to the city's residents and tourists, with 10 million yuan distributed in the first round. During the festival, 526 activities will be held in Wuxi with 3 billion yuan in discounts.

To let consumers buy desired commodities at a lower price, merchants did their homework. Meanwhile, how to improve the quality of life is something that both merchants and consumers are considering.

"Commuters always face long queues, so now we want to save their time while improving their quality of life through community e-commerce," said a member of the business development staff of Taocaicai, a newly formed brand affiliated to Alibaba's MMC business group.

Last year, the per capita disposable income of all residents in Wuxi exceeds 57,000 yuan, ranking among those at the top in Jiangsu province and in the 10th place in China, with strong consumption power and a broad consumer market.

In the process of establishing itself as an international consumption center, Wuxi should take quality development as its main task, and meeting consumer demand and satisfaction as focal points, to improve urban consumption resource allocation and innovation.

Jiangsu Wuxi Sunny Group, a domestic company dedicated to the daily grocery needs of Wuxi's residents, endeavors to develop its fresh e-commerce mode of business. [Photo by Liu Tianyang/chinadaily.com.cn]

Night market stalls at the shopping festival attract many Wuxi residents. [Photo provided to chinadaily.com.cn]

Content created and supplied by: [email protected] (via Opera News )

China East China Jiangsu Liu Tianyang Wuxi

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