(Yicai Global) May 9 -- Shanghai has worked out a three-year action plan dubbed 'Shopping in Shanghai' and has devised a list of objectives and responsibilities, as well as a clear route map and timetable to build itself into an influential global consumer city.

The city is set on three key goals this year, quickly introducing more new and fashionable consumer brands, building the optimal retail environment and making shopping more cost-effective, said Shang Yuying, director of Shanghai's municipal commerce commission, at a press conference the city's information office hosted.

Over 1,000 internationally-prestigious brands held their nationwide debut events in China's largest metropolis last year and, of the 97 brands that opened their first stores in China in the first quarter, 50 -- more than half -- are Shanghainese.

Yet internationally-prestigious brands do not stage as many debuts in Shanghai as in New York, Paris and other international consumer cities.

Introducing more new and fashionable labels is one of three key aims for 'China's Second City' this year. The municipality plans to hold an event to build itself into a new global product debut destination later this month to attract renowned old and new labels from both home and abroad to introduce their new products in the city and to lure more new and fashionable consumer brands.

Shanghai will leverage the spillover effect of the China International Import Expo it will hold in November to introduce more quality goods and services worldwide and encourage influential retailers and purchasers to diversify their goods to buff their appeal.

International medium- and high-end brands offer a more reasonable pricing system in China, said Liu Min, deputy director of Shanghai's commerce commission. The average price differential among watches sold in China and overseas wound down to 6 percent from 61 percent between 2011 and last year, while that of skincare products dropped to 19 percent from a positively exfoliating 84 percent. China has serially lowered tariffs on 1,751 items of imported consumer goods since 2015.

Shanghai will also put in place a mechanism to monitor and compare the prices of consumer goods sold abroad with their domestic sales to guide international consumer brands in setting reasonable prices and improving the cost competitiveness of goods and services. The municipality will also take the lead in China by piloting tax-free policies designed to drag overseas consumption back home.

Editor: Ben Armour