On October 17, 2024, the Wangfujing Forum officially kicked off in Beijing’s historic “Golden Street.” This year’s forum centers around the theme “New Consumption Leads to New Development,” bringing together policymakers, business leaders, scholars, and researchers to discuss key topics such as building international consumption centers, promoting new economic developments, enhancing the commercial environment, improving operational management, and innovating the integration of commerce with culture, tourism, and sports.
In his opening remarks, Deputy Minister of Commerce Sheng Qiuping emphasized the importance of consumption as a vital engine for economic growth and a significant reflection of people’s aspirations for a better life. He highlighted the Ministry of Commerce’s commitment to implementing central government decisions by organizing a series of activities under the “Consumption Promotion Year” campaign, focusing on boosting the exchange of old for new consumer goods, and driving sustained growth in consumption. Notably, consumer spending contributed 60.5% to economic growth in the first half of the year. He expressed hope for Beijing to enhance its role as a demonstration city for high-quality development in this area.
Beijing’s Vice Mayor, Si Ma Hong, also delivered a speech, stating that the city will continue to prioritize the development of an international consumption center. He mentioned that Beijing plans to align with new consumption trends, optimize supply, and nurture new consumption dynamics. By focusing on green, intelligent, immersive, and personalized approaches, Beijing aims to create a favorable environment for consumption that attracts both local and international visitors.
During a keynote address, researcher Yao Jingyuan from the State Council expressed that commerce is one of humanity’s oldest arts while also being a cutting-edge civilization. He pointed out the urgency for commercial transformation and emphasized that modernization in commerce should align with China’s unique modernization path—integrating technological advancements and digital innovations to create a powerful force of support for this transition.
Yang Lan, Chairman of Sunshine Media Group, also delivered a key speech, discussing the significant shift in China’s manufacturing landscape—from manufacturing to creation, from speed to quality, and from products to brands. She stressed the importance of understanding and capturing the immense potential of new commercial expressions, particularly in this era driven by technological advancements and the upcoming wave of AI technologies.
In a strategic cooperation signing segment, Beijing’s Dongcheng District signed agreements with various entities, including the Yiyun Digital Art Center, CiaoSpace Italian flagship brand, and new artistic spaces, marking the beginning of several promising projects aimed at integrating culture, commerce, and tourism in the district. Additionally, an agreement was reached between the Wangfujing Chamber of Commerce and the Myeongdong Merchants Association from Seoul to enhance international collaboration and expand Wangfujing’s global network.
The Wangfujing Forum seeks to serve as a robust platform for authoritative policy announcements, business innovation displays, international cooperation, and information sharing within the industry. Following the successful hosting of the first two forums in September 2020 and July 2021, the third iteration will be held on October 17-18, 2024, also supported by the Ministry of Commerce’s Circulation Industry Promotion Center and Xinhua News. This year’s forum will comprise a main session, seven sub-forums, and numerous supporting events, all under the overarching theme of “New Consumption Leads to New Development.”
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