From new services and product launches to industry exhibitions and flagship store openings, Chinese consumers' appetite for novel things and trends continued to power the rise of what policymakers call the "debut economy" in the first half of 2025.
The debut economy includes a range of economic activities related to the launch of new products and services, pioneering business models and cutting-edge technologies, and the opening of new flagship stores. It covers the whole-process chain development of enterprises, from product and service launches to setting up new research and development centers and establishing new corporate headquarters.
Chinese policymakers identified the debut economy as a development priority at the Central Economic Work Conference last December, with the aim of invigorating commercial activity, boosting consumer spending, and fostering technological and industrial advancements across various sectors.
According to official data, 24 Chinese metropolises such as Shanghai, Chengdu, Shenzhen, Chongqing, Nanjing and Tianjin reported a total of 2,664 product and flagship store launches in the January-June period, up 21 percent year over year. Notably, the number of new types of freshly unveiled brick-and-mortar businesses surged by 30 percent compared with the same period last year.
With a population of over 20 million, Chengdu, capital of Sichuan Province in southwest China, saw the launch of 395 stores in the first six months, making the city home to more than 4,000 so-called "first stores" set up by Chinese and foreign companies to date.
The iconic Chunxi Road commercial street, located in the center of Chengdu, stands witness to the city's thriving debut economy. Every two days or less, a new product, brand, or flagship store would be released or launched on the bustling street, vying for the attention of locals and tourists alike and adding to the dynamism of Chengdu.
In recent days, the Chunxi Road saw the first-ever exhibition of ancient Chinese architectural models, with the superb craftsmanship shown in the exquisite wooden structures drawing many visitors.
"We didn't think we could pull this exhibition off on the century-old Chunxi Road. Because this is the most vibrant commercial street at the very heart of Chengdu, it is considered the most sought-after place for companies to launch their products. What we achieved through this exhibition far exceeded our expectations," said Shao Runhong, deputy general manager of the culture communication company behind the exhibition, in an interview with China Central Television.
In the first half of the year, the Chunxi Road was the site for the inauguration or launch of over 110 exhibitions and products, and many more are in the pipeline.
"This list here shows all the launch events we scheduled for the whole year. You can see the events have been lined up till October 19. Lately we have been swamped with work, staying in the office till eight or nine o'clock in the evening, because many companies have been coming with inquiries about their launch activities," said Mo Yihan, who works for a local business investment firm in Chengdu.
Last month, the Harmony Ecosystem (Chengdu) Innovation Center was officially unveiled at the city's Jinjiang Software Park, with the introduction of multiple cutting-edge consumer technological products showcasing the wide commercial applications of HarmonyOS, or "Hongmeng" in Chinese, an open-source operating system developed by Chinese telecom giant Huawei.
"This is the first Hongmeng exhibition hall in Chengdu. It features nine scenarios, such as intelligent industry, logistics and electric grid, to demonstrate the system's latest commercial applications," said Luo Lisha, deputy head of the center.
To support the development of a sustainable debut economy, the municipal authorities in Chengdu mobilized more resources in the first half of 2025 to assist the R and D efforts and commercialization of research outcomes of enterprises, the construction of Chengdu into a smart city, and the improvement of public services, among others.
"Over this first half of the year, our mall inaugurated eight 'first-stores', bringing the total number of our 'first-stores' to 38 which account for a quarter of all the stores here. But the sales volume reported by these 'first-stores' exceeded 90 percent of the combined sales at the mall," said Zhang Ying, senior manager of a shopping mall operator in Chengdu, told the CCTV while introducing a popular mall operated by her company.
According to the local commerce department, in the January-June period, the debut economy drove a year-on-year growth of 6.8 percent in consumer spending in Chengdu's central urban district of Jinjiang, a rate that far outpaced the national average.
Rising debut economy boosts January-June consumer spending in China
Rising debut economy boosts January-June consumer spending in China
Rising debut economy boosts January-June consumer spending in China
