Shanghai has pioneered a unique path since proposing in 2018 to develop itself into a global hub for product debuts, contributing valuable experience for other cities, according to a report released on Saturday in Shanghai by the Development Research Center of the State Council.

A total of 8,472 first stores of various levels have opened across Shanghai since 2018, with 1,093 launched in 2025 alone, including 16.8 percent of Asia-first or global-first stores, according to the debut economy development report, the first of its kind to provide a systematic analysis of practices and policies related to the debut economy.

"Each year during the China International Import Expo, more than 400 new products are launched, while at Shanghai Fashion Week, nearly 1,000 brands debut products and exhibitions. Alongside a range of platforms and exhibitions showcasing first-time releases, these have made Shanghai a prime destination for global product debuts," Wang Wei, former director-general and senior research fellow at the Institute of Market Economy of the Development Research Center of the State Council, said.

According to Wang, an ecosystem with a complete industrial chain is taking shape, positioning Shanghai as a national innovation hub for the debut economy.

The report is among a series of activities and measures announced during the launch ceremony of the 2026 National Premium Products Debut Season and the "First in Shanghai" event series on Saturday, part of the city's efforts to build itself into a global consumption hub.

In addition to the launch ceremony, this year's "First in Shanghai" series activities also consist of five international debut conferences, 50 high-level debuts of products and shows, which would comprehensively showcase Shanghai as a role model of debut economy, Shen Weihua, director of the Shanghai Municipal Commission of Commerce, said.

Xu Feiyi in Shanghai contributed to this story.