Chongqing -"An international consumption center city should embody three core elements: high internationalization, robust consumption, and centralization," stated Zhao Ping, Vice President of the Academy of China Council for the Promotion of International Trade.

As China has become the world's second-largest consumer market, the top priority is expanding consumption, boosting consumer confidence, and optimizing the consumption environment.

On April 28, the International Consumption Center City Development Conference occurred in Chongqing, Southwest China. During the event, guests shared their insights on nurturing an international consumption center from various perspectives. 

The International Consumption Center City Development Conference was held in Chongqing on April 28. (Photo/Chen Zhan)

International consumption is driven by open innovation 

Chongqing, along with Beijing, Shanghai, Guangzhou, and Tianjin, received approval from China's State Council in 2021 to develop international consumption center cities.

According to Zhao, internationalization and innovation are crucial for enhancing international consumption. Chongqing should further promote openness to attract more foreigners and high-quality resources, including high-end consumers. For instance, mutual recognition of professional qualifications in service trade could facilitate talent mobility.

Additionally, there is a need for innovative consumption scenarios and carriers, offering revamped services to enable more international brands to enter the Chinese market and local brands to expand overseas with ease. 

The 2023 China (Chongqing) International Consumption Festival opened on April 28. (Photo/Chen Zhan)

A new trend in international consumption

At the conference, guests discussed the latest trends in international consumption by incorporating contemporary technologies and phenomena.

Mao Yimei of Yicai Global, a media outlet focused on China's business world, emphasized that fashion consumption is a crucial indicator of urban commercial civilization. Mao explained that a city's consumption service and radiating influence are affected by various factors, including fashion trendsetters, youthful commercial innovation, and diversified business models.

Likewise, utilizing advanced technology is equally important in international consumption. For instance, the natural language AI chatbot ChatGDP has rapidly gained popularity.

"ChatGDP can help companies reduce costs and increase efficiency in developing consumer finance," said Zhang Yaohua, Senior Director of Mashang Consumer Finance Co., Ltd. He believes technology can enable finance companies to provide better customer services, ultimately benefiting the consumer market.