(Yicai) March 17 -- Shanghai has issued new policies to further support its debut economy, aiming to strengthen its status as a global launchpad for domestic and international products through exhibitions, customs facilitation, financial incentives, and others.

Shanghai will add three new debut economy-support policies to its existing seven, it announced yesterday. The city will become China's first to pilot measures for inspecting imported consumer goods debuting in the country to improve customs clearance efficiency, it noted.

In addition, Shanghai will further enhance its support for new products debuting at exhibitions and firms opening their first Asian stores in the city, it said. Exhibitors hosting launch events will be given subsidies of up to 30 percent of their investment, with a ceiling of CNY500,000 (USD69,085).

Shanghai will continue to grant up to CNY1 million (USD138,000) in subsidies to Chinese and international businesses that choose it as the base to launch their new products, open their first flagship stores in Asia, and hold their first exhibitions, it pointed out.

In May 2018, Shanghai became the first Chinese city to release debut economy-support policies, subsequently promoting the set up of new product launch demonstration zones in seven districts. Last April, it upgraded the measures to version 2.0.

From this month through May, Shanghai will continue to host the 'First in Shanghai' global new product launch season for international brands.

Shanghai had attracted over 3,500 brands to hold new product launch events in the city as of the end of Dec. 31, according to official figures. Some 1,269 businesses opened their first stores in the city last year, with 14 being the first worldwide and in Asia and 202 the first in China.

Editor: Martin Kadiev