Chongqing- Chongqing will offer financial incentives up to one million yuan (about 160,000 US dollars) or 40% of the total investment to major well-known commercial brands for choosing Chongqing as the location for their first store in Asia, Mainland China, or southwestern China, or for launching their first store in this city.
On Feb 8, the first working day after the Spring Festival, Chongqing issued the Several Policies for Cultivating and Building International Consumption Center in Chongqing, including 23 specific measures. Chongqing has officially started the pace of building an international consumption center in an all-around way.
“In the policy formulation process, good practices from 9 provinces and cities including Beijing, Shanghai, Guangzhou, and Chengdu were extensively collected to ensure policies are operational and implementable,” said Peng Heliang, deputy director of the Chongqing Municipal Commission of Commerce.
To this end, government departments will coordinate financial funds of hundreds of millions of yuan to support policy implementation.
The well-known brands that open their first store in Chongqing will be rewarded. If the retail sales of the first store exceed 50 million yuan(about 7.86 million US dollars) in the following year, they will be rewarded again for attracting more global high-quality players to jump into Chongqing’s market.
Chongqing has prepared huge financial funds for The Fortune 500 companies, China’s top 500 service companies, international trade brands to encourage them to establish global headquarters, regional headquarters or R&D centers, and other functional headquarters.
Companies with annual sales exceeding 500 million yuan( about 78.63 million US dollars), 100 million yuan, or 50 million yuan, will be rewarded with no more than 0.5% of the excess sales.
For commercial brands who choose Chongqing as the location for their first store in Asia, Mainland China, or southwestern China, or for launching their first store in this city, Chongqing will offer financial incentives up to 1 million yuan(about 160,000 US dollars) or 40% of the total investment.
A maximum of 1 million yuan will be rewarded to commercial brands who open their flagship store in Asia, Mainland China, southwestern China, or Chongqing with an operating area of 3,000 square meters.
Through Chongqing Boutique Project, Chongqing will reward up to 1 million yuan to each brand that has transformed into a flagship store, experience stores, and customized centers.
“We spare no effort to develop digital consumption, create new consumption scenarios, to encourage innovation and create time-honored brands in China and Chongqing,” said Peng.
New digital business models relying on big data AI, such as smart restaurants and unmanned convenience stores, Chongqing will give a maximum of 500,000 yuan in capital rewards according to the size of the investment.
To encourage catering enterprises to establish a central kitchen and food processing distribution center, the city will reward with a maximum of 500,000 yuan. The municipal government encourages catering companies to apply for Michelin-starred restaurants to match world cuisine development.
For international logistics distribution centers with self-built storage facilities, when its annual import and export volume reaches a certain scale, 1% of the total investment will be rewarded at one time, and the limit is up to 5 million yuan(about 790,000 US dollars).
For establishing the distribution center of automobiles and motorcycles, machinery and electronic materials, consumer goods, and other types of import and export commodities, a maximum of 1 million yuan will be awarded.
In terms of introduction and cultivation of talents in business, culture, and tourism area, and optimization of consumer financial services, some relevant policies have also been elaborated in the document.
Through leveraging the government’s financial leverage, more and more international import and export commodities can be transferred in and out through Chongqing.