Debut economy boosts consumption vitality

SHENZHEN — In China's southern tech hub of Shenzhen, smartphone maker Oppo last week unveiled its latest flagship product, a foldable Find N5 phone noted for its slimness and lightness. The Deep-Seek-R1 AI reasoning model has also been integrated into the device, enabling seamless voice activation and even smarter functionalities.

"When folded, the phone measures under 9 millimeters in thickness, ensuring a comfortable grip. Combined with extended battery life and advanced AI features, we aim to deliver an elevated user experience," said Billy Zhang, president of overseas marketing, sales and services at Oppo.

In recent years, the "debut economy" has emerged as a key driver of consumption in China. This concept encompasses product launches, flagship store openings, new service rollouts and the creation of innovative business models and technologies.

China's policymakers have identified the debut economy and made it a 2025 priority at December's Central Economic Work Conference. This strategic focus aims to upgrade consumption quality and accelerate industrial transformation, with regional governments already implementing supportive measures.

Last year in Shanghai, Apple inaugurated its largest retail store on the Chinese mainland, while Starbucks launched six Oleato beverages — coffee infused with olive oil — in the Chinese market.

According to Shanghai's information office, 1,269 first-of-their-kind stores debuted in the city in 2024, representing global, Asian, Chinese and municipal market entries of international and domestic brands.

In the Guangdong-Hong Kong-Macao Greater Bay Area, a new commercial plaza opened in December in Guangzhou, capital of Guangdong province, housing over 80 flagship, concept and first stores in the city or GBA. These stores span sectors such as luxury fashion, premium dining and experiential retail.

"Global megacities are increasingly prioritizing the debut economy to bolster urban competitiveness," said Zhang Zhenpeng, a professor of Shenzhen University. He explained that the debut economy has an important role in not only stimulating consumption, but also in driving supply-side reform and advancing industrial upgrades by aligning with market demands.

Xinhua - China Daily