Shanghai accelerating its transformation into premier global consumption hub

Shanghai is accelerating its transformation into a premier global consumption hub by fostering a better business ecosystem and providing necessary policy support.

Along with Beijing, Guangzhou, Tianjin, and Chongqing, Shanghai is striving to build itself into a globally attractive consumption hub. The initiative aims to create a world-class consumption environment, expand domestic demand, and promote high-standard opening-up.

By actively promoting the debut economy, Shanghai is drawing numerous fashion designers with its premier innovation atmosphere and vast consumer base.

"As an international metropolis, Shanghai not only has top domestic designer brands, but also has a huge overseas customer base, which helps to improve the international reputation of our brand," said Fan Lina, owner of a leather designer brand.

To further nurture original designers, the city has established designer incubators that provide a complete ecosystem covering pattern making, cutting, sewing, and other essential processes, encouraging emerging talents to set up workshops and develop their own brands.

"We've only moved in for a week and the building was just renovated. There is a support program for us, so we don't need to pay rent for the first year. There is a common space upstairs, a photography studio, and prefabricated houses downstairs, which is very convenient," said Cai Jia'en, a fashion designer.

These incubators not only offer young designers workspace and business resources, but also regularly host fashion events and industry salons to cultivate domestic original brands.

"A crucial point for independent designers using this incubator is that it not only provides their own studio space, but also a surrounding ecosystem. This includes stylists, photographers, makeup artists, and so on. This is a vital ecosystem that helps their brands grow," said Peng Yaodong, head of a designer incubation platform.

Liu Min, deputy director of the Shanghai Municipal Commission of Commerce, said that the city aims to introduce original Chinese brands to the global stage as part of its vision to become an international consumption center.

"The growth of these brands requires the collaboration of multiple departments. This includes the strategic planning and implementation by industry departments, and the active role of the commerce department in enhancing market influence through relevant policies on the debut economy and brands building," said Liu.

Liu said that both policies and activities have played a vital role in positioning Shanghai as a global fashion powerhouse. During this year's summer international consumption season, the city plans to expand the tax-refund-upon-departure policy to 3,000 stores, while also making relevant services available to customers on online shopping platforms.

Shanghai accelerating its transformation into premier global consumption hub

Iranian President Masoud Pezeshkian said on Monday that his country is engaged in a "full-scale war" with the United States, stressing the importance of maintaining economic stability during wartime.

"Today's war is not a war of merely missiles. The enemy has come to the conclusion that it cannot force the Iranian nation to surrender with military strikes," Pezeshkian said at a meeting of the High Council of the Judiciary in Tehran, according to a statement published on the website of his office.

He said that the "enemy" has waged a "hybrid war" against Iran, describing the economy and the people's livelihood as the most important areas of confrontation with the "enemy," and highlighting the necessity to maintain economic stability and protect social assets as two priorities of "the system of governance during wartime."

Pezeshkian added that his government "fully protected" Iran's national rights and interests in negotiations with the United States, including in the memorandum of understanding (MoU) signed on June 18.

Iran has received proposals from mediators, Foreign Ministry spokesman Esmaeil Baghaei said on Monday, amid continued tit-for-tat strikes between Iran and the United States.

Baghaei made the remarks at a weekly press conference in Tehran without giving details, when asked whether he could confirm reports about new proposals by Qatar for the revival of U.S.-Iran negotiations and a 10-day ceasefire.

Baghaei stressed that Iran's diplomatic apparatus remains active alongside its military responses to U.S. attacks, while condemning recent U.S. strikes against civilian infrastructure, including bridges and medical centers, as violating "people's rights to life, security and human dignity."

On the peace memorandum of understanding signed with Washington on June 18, he said the agreement's "text is completely clear," and Washington has no pretext to breach its promises under it.

He said Tehran adhered to a "commitment for commitment" principle until Washington repeatedly violated its commitments, prompting Tehran to cease its own obligations.

On the Strait of Hormuz, he affirmed Iran's resolve to exercise its sovereignty over the waterway and prevent any "misuse" against its interests.

The United States has launched multiple strikes on Iran's southern provinces over the past week, saying they were aimed at "degrading Iran's ability to threaten commercial shipping."

Iran has responded with waves of missile and drone attacks targeting U.S. military bases and facilities in regional countries, including Kuwait, Bahrain, and Jordan.

The escalation comes as the two sides, under their MoU, were scheduled to hold negotiations within a 60-day period to reach a final agreement.

Iranian president says his country in "full-scale war" with U.S.