Brands opening their first stores in Beijing are eligible to receive subsidies of up to 5 million yuan (US$773,000) from the city as part of its efforts to become an international consumption hub.
According to a recent document issued by the Beijing Municipal Bureau of Commerce, international brands opening their first stores in Beijing can receive subsidies of up to 5 million yuan, while domestic brands, including those from Hong Kong, Macao, and Taiwan, can receive up to 2 million yuan.
The policy applies to brands that have recently opened or are opening their first stores in Beijing, with more subsidies available to stores that are first in the Chinese mainland or in Asia.
The city will also support first and flagship brick-and-mortar stores introduced by intermediary agencies, property owners of commercial compounds, as well as internet platforms. Priority will be given to stores for clothes, shoes, and hats.
The subsidies are to be used for stores construction, decoration, and rental.
Moreover, special funds of up to 1 million yuan are also available to product launches with international or nationwide influence.
