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