Core Insights - The "Shopping Season in China 2025" in Shenzhen concluded with over 670 events, followed by the "New Year Consumption Season" featuring more than 500 promotional activities from November to February [1][3] Group 1: Economic Impact - Shenzhen's total retail sales of consumer goods reached 756.08 billion yuan, with a year-on-year growth of 3.6% from January to September [1] - During the shopping season, key commercial districts saw a significant increase in foot traffic and sales, with 26 monitored districts recording 19.49 billion yuan in sales and 19.975 million visitors from October 1 to 8, marking a growth of approximately 20% [3] Group 2: Event Highlights - The shopping season focused on 15 major consumption hotspots, including summer consumption, AI consumption, and duty-free shopping, with monthly themes of "Joyful Shopping in August," "Fashionable Shopping in September," and "Brand Shopping in October" [3] - The opening of Shenzhen's first city duty-free store during the shopping season aimed to attract outbound travelers and promote domestic consumption [3] Group 3: Future Initiatives - The upcoming "Enjoy Winter, Shop Shenzhen" New Year Consumption Season will include four monthly themes, seven new consumer experiences, and over 500 promotional activities [4] - Shenzhen plans to release a "Consumption Map" and "Must-Buy List" to enhance shopping convenience and promote local brands [5] - The city aims to attract 1,200 new flagship stores and concept stores by the end of the year, while also fostering new business models like "AI + Consumption" and digital tourism [5]

深圳购物季开展了超670场分项活动。图为国庆中秋期间，龙华壹方天地吸引游客125万人次。(受访单 位供图) 为期3个月的"购在中国2025深圳购物季"近日落下帷幕，超670场活动正式收官。"深圳跨年消费季"精彩 接力，超500场次促消费活动将贯穿今年11月至明年2月。 作为万亿级消费城市，深圳一直将促消费扩内需作为经济增长的重要引擎。今年1-9月，深圳全市社会 消费品零售总额达7560.81亿元，同比增长3.6%。今年以来，全球规模最大的室内滑雪场前海冰雪世 界、全球最大的实体书城湾区之眼、全国最大的户外水上舞台欢乐剧场等一批高品质文旅地标先后投入 运营，进一步丰富了消费场景，激活了深圳消费市场。 深圳购物季 跨年消费季 商文旅体一齐发力 此次接棒的"悦享暖冬乐购深圳"跨年消费季，涵盖四个月度主题活动，七大消费新体验、八大商文旅体 品牌IP、九条服务便利化措施、十项持续性工作举措，计划开展超过500场次促消费活动。 在推荐消费品牌、促进购物便利化方面，深圳将发布"消费地图"和"必购必带清单"。深圳市商务局副局 长周明武介绍，将结合十五运会、APEC会议契机，培育发布一批特色消费线路、"打卡胜地"和美食地 图； ...

Core Points - Shenzhen's "Enjoy Warm Winter, Fun in Guangdong" consumption season has officially launched, aiming to stimulate urban consumption potential and attract external interest through diverse and unique offerings [1][3][4] - The consumption season will integrate high-quality cultural and tourism resources, featuring themed activities such as "Han and Tang Carnival" and "Intangible Cultural Heritage Workshops" to enhance cultural confidence [3][4] - Over 500 promotional activities are planned, including the introduction of exclusive consumption packages for residents of Hong Kong and Macau, and the establishment of new experience zones for innovative technology products [4][6] Group 1 - The consumption season will highlight technological innovation with demonstrations of electric vertical takeoff and landing vehicles, showcasing the future of urban mobility [3][4] - Shenzhen aims to create a series of cultural and tourism brands, including "Shenzhen Gifts" and "Festivals in Shenzhen Parks," to foster a shared consumption experience for all [3][4] - The city plans to leverage the upcoming APEC meeting to enhance its marketing efforts and promote unique consumption routes and culinary maps [4][6] Group 2 - Shenzhen will implement new policies to support the development of the "first launch economy," encouraging brands to open flagship stores and debut new products in the city [4][6] - The city is set to expand its duty-free shopping options, introducing new models for online reservations and in-store pickups to enhance the shopping experience for inbound consumers [4][6] - Shenzhen has established several high-quality cultural and tourism facilities, including the world's largest indoor ski resort and the largest physical bookstore, positioning itself as a premier destination for both domestic and international tourists [6]

Core Viewpoint - The joint notice issued by the Ministry of Finance and the Ministry of Commerce aims to support new consumption models and scenarios, particularly focusing on traditional brands and new consumer brands, to enhance industry innovation and create new employment opportunities [1][2]. Group 1: Support for New Consumption Models - The notice encourages the establishment of new stores and flagship stores by leveraging local quality consumption resources, promoting "new products from old brands" and "national trendy products" [1]. - It aims to cultivate a batch of new consumption leading enterprises through the transformation and upgrading of related companies [1][2]. Group 2: Pilot Cities and Financial Support - Approximately 50 cities will be supported in the pilot program, with a focus on large and super-large cities with significant population and development potential. The policy will be implemented over two years [1][3]. - Central financial support will provide subsidies of 400 million yuan for each super-large city, 300 million yuan for large cities, and 200 million yuan for other cities, with funds distributed in two batches based on performance evaluations [3][4]. Group 3: Cross-Industry Collaboration - The notice promotes collaboration between quality consumption resources and well-known intellectual properties (IPs) to create immersive consumption spaces and develop a series of peripheral products [2]. - It emphasizes the importance of integrating local cultural characteristics with national trendy IPs and traditional resources to create innovative and socially engaging consumption scenarios [2]. Group 4: Evaluation and Accountability Mechanisms - The notice includes specific requirements for the use of financial resources, linking remaining funds to performance and establishing a tiered subsidy mechanism to ensure efficient use of funds [3][4]. - A competitive evaluation mechanism will be implemented to assess pilot city applications, focusing on both economic indicators and local governance capabilities to ensure compliance and safety in fund usage [4].

Core Insights - Chengdu's first city duty-free store will open on September 25, located in the Chengdu Renheng Plaza, offering a variety of consumer goods including food, clothing, and accessories while promoting domestic products [1][10] Summary by Sections 1. Types of Duty-Free Stores in Chengdu - Duty-free stores are established in open airports, ports, and specific city areas, selling tax-free goods to outbound and inbound travelers [4] - Chengdu's duty-free stores include city duty-free stores and port duty-free stores [4] 2. Differences Between Duty-Free Stores and Departure Tax Refund Stores - Duty-free stores exempt imported goods from customs duties, VAT, and consumption tax, while departure tax refund stores refund VAT on purchased goods [6] - City duty-free stores cater to travelers departing within 60 days from Chengdu Tianfu International Airport, while departure tax refund stores are limited to foreign travelers [6][8] 3. Differences Between City Duty-Free Stores and Port Duty-Free Stores - City duty-free stores are located in urban centers, allowing travelers to purchase duty-free items in advance, while port duty-free stores are situated at airports and ports for immediate purchases [8] - City duty-free stores offer a wider variety of products, including domestic "trendy" items, while port duty-free stores focus on limited categories like cosmetics and tobacco [9] 4. Chengdu's Major Duty-Free and Tax Refund Stores - The new city duty-free store in Chengdu will be the most comprehensive in Southwest China, featuring a range of products including food, alcohol, and "national trend" items [10] - Chengdu has over 500 departure tax refund stores, with more than 150 offering immediate refunds [10]

Economic Growth and Consumption - The consumer market in China remains the second largest globally, with an average annual contribution rate of approximately 60% to economic growth [4][9] - The total retail sales of consumer goods are projected to increase from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, reflecting an annual growth rate of 5.5% [7] - In 2024, the total retail sales are expected to surpass 50 trillion yuan [7] Innovations in Consumption - The ownership of new energy vehicles is expected to grow 5.4 times from 2020 to 2024, indicating a shift towards smart and green consumption [11] - Service consumption is also on the rise, with an average annual growth rate of 9.6% in residents' service consumption expenditure from 2020 to 2024 [11] - Traditional retail is undergoing innovation, with new growth points emerging from "artificial intelligence + consumption" and "IP + consumption" [12] Trade and Foreign Investment - China has maintained its position as the world's largest goods trader for eight consecutive years, with high-tech product exports accounting for 18.2% of total goods trade in 2024 [18][19] - Cumulative foreign investment utilized in China reached 708.73 billion USD by mid-2023, surpassing the target of 700 billion USD for the "14th Five-Year Plan" period [21] - The number of newly established foreign-funded enterprises has increased by 25,000 compared to the previous five-year period [21] Sino-U.S. Trade Relations - In 2024, the trade volume between China and the U.S. is projected to reach 688.3 billion USD for goods and 155.8 billion USD for services, marking growth of 18% and 34.7% respectively since 2017 [22] - Despite challenges, the essence of Sino-U.S. economic relations is characterized by mutual benefit and cooperation [22] - In the first half of the year, China's exports grew by 7.2% despite high tariffs impacting foreign trade [22]

Group 1 - The number of "Chinese Time-honored Brands" has expanded to 1,455, indicating a growing interest in domestic products among young consumers [2] - Traditional foods from time-honored brands and local specialty dishes have become popular dining choices for the New Year's Eve dinner, with some restaurants in major cities like Beijing, Shanghai, and Sichuan experiencing a significant increase in reservations [2] - The launch of the "2025 National Online New Year Goods Festival" has led to various local activities centered around traditional cultural elements, allowing consumers to engage in an interactive and immersive experience of local customs [2]

Core Insights - The implementation of the new tax refund policy in Shenyang has significantly increased the number of tax refund stores, enhancing the shopping experience for international travelers [3][4][6] - The policy aims to stimulate consumption and attract more foreign tourists to Shenyang, thereby boosting the local economy [5][6] Group 1: Policy Implementation - Since the introduction of the new tax refund policy, the number of tax refund stores in Shenyang has risen from 34 to 138, with a 146% increase in the number of tax refund applications [4] - The policy encourages the establishment of tax refund stores in major shopping areas, tourist attractions, and cultural sites, expanding the coverage of tax refund services [3][4] Group 2: Consumer Experience - All 138 tax refund stores in Shenyang now offer "instant refund" services, allowing travelers to receive their tax refunds immediately after purchase [5][6] - The process for obtaining tax refunds has been streamlined, making it easier for international travelers to complete their transactions [5][6] Group 3: Economic Impact - The reduction of the minimum purchase amount for tax refunds to 200 yuan has incentivized more foreign travelers to shop, particularly for cultural and specialty products [6] - The new tax refund policy is expected to enhance Shenyang's international appeal and contribute to high-quality economic development [6]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the increasing foundational role of consumption in economic development, with plans for enhanced measures to stimulate consumption [1] Economic Contribution - In the first half of the year, final consumption contributed 52% to economic growth, with a second-quarter contribution rate of 52.3%, an increase of 0.6 percentage points from the first quarter and 4.4 percentage points from the same period last year [1] Consumer Trends - Key product consumption has seen a rise, with the trade-in program driving sales exceeding 1.7 trillion yuan [1] - Service consumption remains robust, highlighted by the success of films like "Nezha: Birth of the Demon Child" and the popularity of humanoid robots, alongside a boost in holiday-related economic activities such as educational tourism and domestic fashion [1] Future Initiatives - The NDRC plans to enhance consumer capacity, ensuring that citizens feel confident in their spending [1] - Measures will be implemented to stabilize employment and promote high-quality economic development, while addressing urgent public concerns [1] - New growth points in service consumption will be cultivated, focusing on cultural tourism, sports events, and essential services like elderly care and childcare [1] Infrastructure and Innovation - The NDRC aims to optimize consumption supply to encourage spending [1] - There will be a strong push for domestic products and the development of "AI+" consumption, along with innovations in application scenarios [1] - Improvements in infrastructure such as charging stations and logistics systems will be prioritized to foster a positive cycle of consumption and investment [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the continuous rise in service consumption, driven by popular cultural products and innovations in technology, and outlines measures to enhance consumer capacity and promote high-quality economic development [1] Group 1: Service Consumption Trends - Service consumption has been on the rise this year, with notable contributions from the release of "Nezha 2" and the popularity of humanoid robots [1] - The growth in service consumption has also stimulated interest in educational travel, tourism, and domestic products [1] Group 2: Policy Measures - The NDRC plans to enhance consumer capacity by implementing measures to stabilize employment and the economy [1] - There will be a focus on cultivating new growth points in service consumption, particularly in cultural tourism, sports events, and essential life services such as elderly care, healthcare, and childcare [1] Group 3: Infrastructure and Innovation - The NDRC aims to optimize consumption functions to encourage consumer willingness, promoting domestic products and advancing artificial intelligence in home consumption [1] - There will be significant efforts to innovate application products and improve infrastructure such as charging stations and logistics systems to foster a virtuous cycle of consumption and investment [1]