Shenzhen announces measures to promote new product launches and first store openings, offering up to ¥3 million for first stores (China)

On 12 August, the Shenzhen Municipal Bureau of Commerce published a series of measures on its website to promote Shenzhen's first-launch economy and stimulate consumption. The new program will take effect on 30 August and run for three years. Eligible activities include first store openings, first product launches, first exhibitions and debut presentations by domestic and international brands, with the aim of stimulating consumption by leveraging Shenzhen's strengths in technological innovation, manufacturing, and reform and opening up.

Under the program, eligible events will receive subsidies covering 30% of actual investment, capped at ¥1 million. In addition to international-, national- and city-level first store opening events, projects meeting requirements such as the establishment of a first-launch center or an exhibition and sales center will receive a one-time payment of up to ¥3 million. The measures also provide for annual incentives of up to ¥2 million for operators through the development of first-launch clusters.

The measures are intended to promote new product launches and the introduction of new business formats in Shenzhen, while enhancing the city's influence in global markets, in line with Chinese government policies since the 1980s. Examples cited in Shenzhen include the online fresh-food supermarket Xiaoxiang Supermarket opening a physical store in Futian District, Jinlumen opening a store in Longgang District, and Chayan Yuese expanding to multiple stores across the city.

The measures also set a goal of developing 50 outstanding hit products. By promoting the establishment of first-launch centers by well-known domestic and international brands and encouraging new product launches, Shenzhen aims to enhance its international influence as a consumption-oriented city.