Shanghai eyes new growth in services and consumption

SHANGHAI, Oct. 12, 2026 /PRNewswire/ -- A news report from english.shanghai.gov.cn

Shanghai plans to upgrade major shopping districts, make shopping easier for international visitors, and develop new consumption experiences as it works to become a world-class destination for consumption.

Shanghai Mayor Zhu Zhongming outlined the plans at a news conference on Oct 11, following the 38th meeting of the International Business Leaders' Advisory Council for the Mayor of Shanghai, which focused on innovation in the city's services sector.

During the 15th Five-Year Plan period (2026-30), Shanghai will continue to develop and attract a wide range of brands, refine policies supporting first-store openings and product launches, and make spending more convenient for inbound visitors, Zhu said.

An average of more than 1,000 first stores open in Shanghai each year, and the city hosts over 3,000 product and brand launches.

Shanghai also plans to develop more consumption experiences that combine culture, shopping, tourism, sports, and exhibitions; introduce more customized services under the Shanghai Style brand; and explore emerging sectors such as health management.

The city will upgrade major shopping districts, including those along East Nanjing Road and Middle Huaihai Road, develop distinctive shopping areas and specialized commercial zones, and promote leisure and nighttime consumption.

Rob Speyer, CEO of Tishman Speyer and chair of the 2026 IBLAC meeting, also spoke at the conference and emphasized the growing importance of experience-based consumption.

He said consumption is increasingly shifting from buying products to seeking experiences, and Shanghai's cultural facilities and historical heritage provide a strong foundation for developing the experience economy.

At this year's meeting, international business leaders shared insights on new consumption trends, business models, cross-sector integration, and emerging service scenarios.

Zhu said the meeting produced valuable recommendations for Shanghai's service sector and strengthened multinational companies' confidence in deepening their presence in the city.

Ahead of the meeting, international business leaders visited Fuxing Island on Oct 10 to learn about Shanghai's latest progress in applying AI to service-sector development and creative urban development. Several multinational companies expressed their willingness to continue investing in the city and share in its growth opportunities.

The next IBLAC meeting is scheduled for Oct 10, 2027, and will focus on innovation and open cooperation between Shanghai and global enterprises in the intelligent era.

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SOURCE english.shanghai.gov.cn