BEIJING, Dec. 16 (Xinhua) -- The Chinese government issued a document on Monday that outlines measures to modernize the nation's retail industry over the next five years.
According to the document, the country seeks to initially form a modern retail system that features enriched supplies and high-quality services, and that is smart, convenient and green by 2029.
To modernize the industry, upgrade and transformation efforts targeting department stores, shopping centers, supermarkets, and community business hubs will be made, according to the document jointly issued by seven government departments including the Ministry of Commerce.
The document was designed to help improve the nation's commerce circulation system, expanding consumption and accelerating the diversified development of the service sector, given that the retail industry plays an important role in guiding production, expanding consumption, generating jobs and ensuring people's livelihood.
Each year, a new batch of projects to upgrade existing retail business facilities will be carried out across different cities.
Major tasks include the creation of business landmarks that can provide one-stop services spanning shopping, food and drinks, socializing and entertainment, the imports of high-quality products through international exhibitions, cooperation with foreign business partners and cross-border e-commerce, and the promotion of smart stores, contactless transactions, self-service payment and automated vending.
The government will increase financial support for these efforts by encouraging financial institutions to support retail enterprises in upgrading store, logistics as well as energy-saving equipment, and their digital transformation efforts.
Financial institutions and social capital will be encouraged to revitalize commercial facilities through substantial restructuring and preferential loans. Qualified department stores, shopping centers and farmers' markets will also be recommended to issue Real Estate Investment Trusts, according to the document. ■