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Night Economic Development Ushers in Period of Explosive Growth for China's Economy

By JIEYU WANGICHONGQING|Jul 24,2021

Chongqing — The second China (Chongqing) Night Economic Development Forum was held in Chongqing Friday. The theme of this forum is “Innovation and Integration, Empowering the Night Economy” . 

On July 23, the second China (Chongqing) Night Economic Development Forum was held in Chongqing. (Photo provided to iChongqing)

The guests participating in the forum discussed the new trends, new growth drivers and new scenes of the night economy, providing strong support for exploring new driving forces for urban development, and tapping new potentials for consumption and supply. The forum is of great significance for Chongqing to accelerate the cultivation and construction of an international consumption center city.

Peng Heliang, deputy director of the Chongqing Municipal Commission of Commerce, said that Chongqing is committed to advancing the construction of a night-time economic agglomeration area with deep integration of business, travel, culture, and sports, and incorporates night-time economy into an important part of the construction of an international consumption center city.

Peng Heliang, deputy director of the Chongqing Municipal Commission of Commerce, delivered a speech at the forum. (Photo provided to iChongqing)

He hopes that through this forum, communication and interaction link between Chongqing and cities across China will be established, and the influence of Chongqing will be expanded. New vitality will be injected into the cultivation and development of a high-quality night economy.

Zhao Ping, vice president of the Academy of China Council for the Promotion of International Trade, conducted an in-depth analysis of “the promoting role of night economic development on consumption promotion.”

She said that the night economy is a supplement and extension of the daytime economy and represents the overall level of economic development has reached a certain level.

The development of the night economy plays an important role in promoting consumption. She suggested filling the gaps in the supply of goods and services, provide more supporting policy support, and establish a long-term mechanism.

Chen Haojie, the deputy editor of Economic and Nation Weekly and researcher at the Liaowang Institution, analyzes the national night economic big data and presents the characteristics and pain points of the current night economic innovation and integration development.

Chen Haojie, the deputy editor of Economy and Nation Weekly and researcher at the Liaowang Institution, shared the 2020 Chinese City Night Economic Impact Report at the forum. (Photo provided to iChongqing)

He said that the night economic development is ushering in an explosive period. With the continuous upgrading of consumer demand and level, the night economy has begun to enter the stage of intensive operation.

Li Qian, a well-known brand marketing expert and founder of the Guanxi Brand Consulting Firm, said that night-time consumption is booming in China, forming a very standard and special night-time consumption scene. This scene is a new channel to generate and promote new consumer brand power. With the mutual help of brand power, China’s domestic consumption formats can take advantage of this scene to get out of their own brand roads.

It is worth mentioning that Chongqing has achieved remarkable results in the night economy, ranking first in the “Top Ten Cities in the Night Economy Ranking,” and various night economic development indicators are at the forefront of China.

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