Luohu releases plan to promote consumption, modern service industry
Luohu released a three-year action plan on Wednesday, as part of its efforts to become an international consumption center, a pioneering area for the integrated development of Shenzhen and Hong Kong, as well as a demonstration zone for the modern services industry.
Luohu contributed 14% to the city's total retail sales consumption, featuring high-end shopping malls, the Dongmen Pedestrian Street, and China's largest gold and jewelry trading center.
Over the next three years, Luohu will strive to establish more than 100 flagship stores, first-stores, and restaurants.
Luohu will promote the livestreaming industry, night economy, and cross-border economy. The district will also boost various types of consumption in fields such as green transport and aesthetic medicine.
Efforts will be made to promote digitalization in the field of consumption and boost online consumption through livestreaming and short videos.
Luohu's service industry accounts for 94% of the district's GDP, and the modern service industry constitutes 75% of the third industry.
Home to about 40,000 Hong Kong residents and 6,400 Hong Kong-invested companies, Luohu aims to attract international funds, technologies, and talents to gather here and become a global hub for resources. Luohu will upgrade industrial development and increase the share of added value in finance, commerce, and commercial services industries in the regional GDP to 65% by 2026.
Luohu will improve the integration and connectivity of infrastructure between Shenzhen and Hong Kong by 2026, creating a 30-minute intercity commuting circle. The district is projected to increase the number of foreign-invested companies to more than 10,000, based on RCEP and the Belt and Road Initiative.
In the field of talent pooling, Luohu aims to attract no fewer than 500 talented individuals and cultivate more than 30 international business startups.
By 2026, the added value of modern service industries in Luohu is expected to surpass 250 billion yuan, accounting for nearly 80% of the tertiary industry. Luohu will boast more than 200 district-level headquarters and more than three billion-dollar companies. The clustering effect will be further strengthened, forming two pillar industries with a scale exceeding a trillion yuan and three to five emerging service industry clusters with a scale of billions or tens of billions.
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