Shenzhen offers new incentives to lure brand debuts

Shenzhen will offer up to 3 million yuan (US$446,000) in onetime rewards for flagship store openings and up to 1 million yuan for major product debuts under a new three-year policy taking effect Aug. 30. The initiative aims to develop worldclass business districts and retail clusters centered on firststore launches, drawing international and domestic brands to set up launch centers in the city. Eligible businesses include high-profile first stores at international, national and city levels, along with exhibition centers for open-source smart devices. Product launches involving automobiles, 3C digital products, AI hardware and open-source terminals qualify for subsidies of up to 1 million yuan.