Beijing introduces measures to support physical retailers facing online competition, aiming to enhance innovation and consumption in the sector.
Beijing has unveiled measures to bolster brick-and-mortar retailers facing heavy price competition from online platforms, reports Hong Kong's South China Morning Post.
The Ministry of Commerce, in collaboration with eight other agencies, issued guidelines to accelerate innovation in the retail sector. The plan aims to foster differentiated competition between online and offline operators and establish a more rational pricing system in the coming years.
This initiative follows a slowdown in retail sales growth in May, marking the weakest performance since December 2022, with continued softness in big-ticket purchases.
The guidelines, which extend through 2030, call for transforming physical stores into destinations that offer shopping, immersive experiences, and social entertainment. Officials stated that the strategy is designed to stimulate consumption and modernize the sector.