Authorities of Jing'an district in Shanghai are aiming to have the Nanjing West Road business circle generate a retail sales volume worth over 100 billion yuan ($14.5 billion) by the end of 2025, according to the 2023 Forbes China Jing'an West Nanjing Road Forum held in Shanghai on Wednesday.
The Nanjing West Road business circle is located in the core high-end service agglomeration belt in the district and spans 1.8 square kilometers.
According to the forum, the total retail sales of the business circle in 2022 amounted to around 80 billion yuan.
"The total sales volume in Jing'an district, including its three major business circles, was 148 billion yuan in 2022. Among the three circles, Nanjing West Road is the most mature international business circle," said Shen Hong, director of the district's commerce commission.
"We found that most of the important economic and trade enterprises in Jing'an are world-renowned. They currently have great confidence in the Chinese market and very positive market forecasts," Shen added.
"Therefore, through the further development and integration of commerce, tourism, and culture, we are confident that we can achieve the 100-billion-yuan goal within three years."
An implementation plan for optimizing the consumption environment in Jing'an district was released during the forum. The plan is centered on enhancing three aspects of the business environment: internationalization, marketization, and legalization.
The plan also states that the development focus will be multifaceted and pertain to areas like nighttime economy, departure tax refund, specialty business streets, experiential business formats, unique consumption scenarios, and diverse social spaces.
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