CHINA China to further unleash urban consumption: MOFCOM

CHINA

China to further unleash urban consumption: MOFCOM

By Dong Feng | People's Daily app

14:53, July 11, 2018

China will engage in an urban renewal within two to three years, according to a notice published by Ministry of Commerce (MOFCOM) on Tuesday. 

VCG111150135630.jpg

Photos: VCG

The central government will encourage qualified regions to provide funds to renovate areas for pedestrian traffic. 

Meanwhile, China will invest in the construction of public warehouses with shared information platforms for pedestrian traffic. The move provides guidelines for chain shops on commercial areas.

A pedestrian street is considered a source of urban commerce and a gathering area for various commercial resources. 

There are various types of pedestrian streets in China, and play an important role in meeting the demands of residents.

VCG111150135625.jpg

There are more than 2,100 pedestrian and commercial streets with an area of over 20,000 square meters, and a total operating area of over 100 million square meters, according to a survey conducted in March. 

In 36 key cities, about 600 pedestrian streets account for more than half of the total operating area of the country. 

Creating quality pedestrian streets is an important measure to spur urban commerce and expand consumption, said Zheng Wen, head of MOFCOM's circulation and development unit.

China's urban consumption accounts for more than 70 percent of household consumption. As urbanization accelerates, the role of urban consumption will become more prominent to economy growth, Zheng said. 

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue