Brands opening their first stores in Beijing are eligible to receive subsidies of up to 5 million yuan (US$717,500), according to a recent document released by the municipal commerce bureau.

Brands opening their first Asian stores in Beijing can receive subsidies of up to 5 million yuan, while those opening their first Chinese mainland stores in Beijing can receive up to 2 million yuan. As for those brands opening their first Beijing stores, flagship stores, and concept stores in the city, they are eligible to receive up to 1 million yuan. 

In addition, parties introducing brands to open their first stores in the city can receive subsidies of up to 100,000 yuan for each store.

Beijing also plans to provide subsidies to companies that hold new product launch events. The launch events of items such as watches and jewelries can receive subsidies up to 2 million yuan.

Over the past four years, a total of 2,774 brands have set up their first stores in Beijing as a result of the city's preferential policies and optimized business environment. Beijing aims to attract around 800 first stores this year, as part of its efforts to become an international consumption hub, according to the municipal commerce bureau.

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