FAN Yicheng

"Deepening the development of an international consumption center city and strengthening Shanghai's consumption brand." This is how the newly released policy document frames its ambitions for consumption, setting the tone for the city's next stage of development.

LI Mingliang, chief policy analyst at Guotai Haitong Securities' Policy and Industry Research Institute, told Jiemian News that the document's approach to consumption goes well beyond traditional stimulus measures. Rather than focusing narrowly on short-term demand, it positions consumption as a strategic lever for upgrading Shanghai’s core urban functions and sharpening its global competitiveness.

In Li's view, consumption will no longer function merely as an engine of economic growth, but as a pillar of Shanghai's role as an international economic center. Consumption targets will be closely tied to broader objectives such as service-sector innovation and overall urban upgrading, reinforcing the city's capacity to deliver services, allocate resources and project cultural influence.

During the 14th five-year plan period, Shanghai's emphasis was on reviving consumption through measures such as service vouchers and trade-in schemes. The latest policy direction marks a clear shift, raising expectations for consumer experiences that are higher in quality and closer to international benchmarks.

The city's ambition is not only to attract global shoppers, but also to position itself as a source of cutting-edge consumer trends and premium products, offering more diverse and forward-looking reasons for people to spend in Shanghai.

Some of the foundations are already in place. ZHANG Yina, a professor at Fudan University and head of the Big Data Laboratory of Consumer Market, said earlier experimentation with new consumption formats is likely to become more systematic and scalable. Consumption, she noted, is evolving from the simple purchase of goods toward lifestyle experiences, and from standardized offerings toward more personalized, emotionally resonant co-creation.

The policy document encourages interactive, immersive and experiential forms of consumption, while also supporting self-reward spending and the livestreaming economy. Shopping, Zhang said, will increasingly blend with culture, tourism, sports and exhibitions, creating integrated spaces that combine future-oriented scenarios with a sense of emotional engagement.

Service consumption is also set for further refinement. By emphasizing "quality-improving" services in areas such as culture, tourism, sports and health, the policy signals a move beyond meeting basic needs toward addressing higher-level aspirations for wellbeing and personal development, from senior-focused health services to niche experiences aimed at younger consumers.

Convenience remains one of Shanghai's traditional strengths. Building on earlier progress in areas such as payments and tax refunds, the new policy direction aims to create a more seamless, internationalized consumption chain by improving cross-border payment systems, streamlining departure tax refunds and expanding inbound consumption.

Looking ahead, the document also points to emerging frontiers such as "AI plus consumption" and intellectual property-derived products. Combined with Shanghai's strengths in advanced technologies, these areas could give rise to entirely new forms of consumer offerings.

For Li, the future of "Shanghai consumption" will lie in the integration of hard technology, design-driven services, advanced AI applications and emotional value—an invitation to global consumers to see how the city intends to rethink and redefine what consumption can mean.