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November 17, 2017

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Wholesale market to close for key sectors

Source: Xinhua | 00:01 UTC+8 November 17, 2017 | Print Edition

Beijing’s largest clothing wholesale market will soon fade into history as Dongding, the last of the wholesale district’s 12 shopping centers, is set to close in two weeks.

The malls at the market near Beijing Zoo have been closing one after the other since 2015, when the capital started to purge non-essential businesses to reduce traffic congestion and its population, and to create space for high-end industries.

According to an official guideline, the city’s key functions of politics, culture, international communication and technical innovation will be prioritized, while other sectors will be moved out of the capital.

Built in the mid-1980s, the wholesale market was labelled a paradise for young women who wanted to look fashionable on a budget. It used to draw 100,000 customers daily.

Although the market contributed 60 million yuan (US$9 million) in yearly revenue to Xicheng District, it cost the government about 100 million yuan to address its transport and environmental issues.

Some cities and counties of neighboring Hebei Province are luring tenants from the Beijing market with lower rent and taxes.

The vacated site of the wholesale market will be occupied by high-tech and financial businesses.

In the first half of this year, Beijing closed or relocated 495 manufacturing enterprises and 131 wholesale malls.

Beijing’s services sector now accounts for more than 81 percent of local GDP, higher than most developed countries.

The finance, IT, scientific and technological services industries contributed more than 53 percent of the city’s economic growth in the first nine months of this year.

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