Shanghai shares action plan to make Pudong New Area an international hub

A three-year action plan was released during Wednesday's promotion conference to further elevate Pudong New Area's position as an international center.

According to the newly released plan, the total retail sales of consumer goods in Pudong will exceed 400 billion yuan ($57.8 billion) by 2025. As the Pudong government has calculated, the Area registered 360 billion yuan of retail sales of consumer goods last year, accounting for over 20 percent of Shanghai's annual total.

Meanwhile, the revenue made by cultural, sports and tourism companies will exceed 300 billion yuan by 2025, according to the plan. While the online shopping transaction value is expected to reach 100 billion yuan by 2025, the trade value of cross-border e-commerce should also come in at 100 billion yuan.

By 2025, Pudong should accommodate the headquarters of at least 100 consumption companies. More than 1,000 stores should have made their debut in Pudong by that time.

Pudong aims to gather more international brands, introduce more fashion trends, nurture innovation at the consumption end and further improve the overall business environment with the plan, said Yang Chao, deputy head of Pudong New Area.

Specifically, at least 40 world-leading retailers should have set up their operations in Pudong by 2025. More than 2 million square meters of consumption venues or facilities such as shopping malls and theaters will be added in Pudong in three years' time. The Area should be home to at least two livestreaming e-commerce bases with distinctive themes and features. It will also introduce 15 well-known sports activities.

A number of cooperation agreements were signed during the Wednesday conference.

Lujiazui Group entered into cooperation with Hilton Group to build a Waldorf Astoria hotel in Qiantan of southwest Pudong. The Hong Kong-based commercial property developer K11 Corporate reached a cooperation agreement with Shanghai Pudong Development Group to build the Jinqiao K11 Select project.

New stores will be opened. South Korean fashion brand Mardi Mercredi and Japanese fashion brand Bedwin & The Heartbreakers have agreed to open new stores at the shopping center Taikoo Li Qiantan, which will be their first stores in China.

In the first quarter of this year, the total retail sales of consumer goods in Pudong reached 99.1 billion yuan, up 14.5 percent and 9.3 percentage points higher than the city's average level.

shijing@chinadaily.com.cn