The "Decision" adopted by the Third Plenary Session of the 20th Central Committee of the Communist Party of China further deployed major reform measures to build a unified national market, requiring active promotion of the debut economy, improvement of the long-term mechanism for expanding consumption, reduction of restrictive measures, and reasonable increase in public consumption.

The debut economy primarily refers to economic activities such as opening first stores, launching new products, and introducing new business formats, new models, new services, and new technologies. It covers the entire chain of development, represented by 'debut', from the initial research and development, launch, and exhibition of products, to the first opening of stores, establishment of R&D centers, and then the first establishment of enterprise headquarters.

According to data from the National Bureau of Statistics, in the first half of this year, China's total retail sales of consumer goods reached 23,596.9 billion yuan, a year-on-year increase of 3.7%. The consumer market expanded, its structure optimized, and supply improved, and consumption's contribution to economic growth significantly strengthened. According to incomplete statistics, in the first quarter of 2024, the situation of first stores nationwide gradually heated up, with a total of 82 first stores opened, 29 more than the same period in 2023, a year-on-year increase of 53.7%. Debut brands actively deployed to seize market opportunities, becoming a new driving force for the transformation and upgrading of the consumer market.

Developing a first-release economy requires understanding and adhering to the laws of economic development, upholding a systematic approach, scientifically assessing the economic development trend, and properly handling the following three pairs of relationships.

First, striking a balance between "upholding orthodoxy" and "innovation".

The "upholding orthodoxy" aspect of the first-release economy means adhering to the people-centered development philosophy and continuously meeting the ever-growing needs of the people for a better life. Combining the needs of the masses for consumption, the focus of developing the first-release economy should be on benefiting all people.

Meanwhile, the first-release economy embodies the new development philosophy and is a concentrated manifestation of many innovative elements. Various new products, technologies, formats, and services are emerging in the market economy, driving the formation of an innovative ecosystem for industrial development. Innovation requires not only a change in mindset and the discarding of outdated thinking that hinders innovation, and strengthening institutional and mechanism innovation, but also expanding the development space of the first-release economy, enhancing its development potential, and activating its development momentum through market-oriented reforms, industrial model reshaping, and optimization of production and operation management.

At the same time, we must focus on micro-innovation in the first-release economy, incorporating innovative elements into the product and industry sectors, integrating innovative technologies, enriching innovative service methods, meeting the needs of different consumers for first-release products, and providing a wide variety of high-quality and reliable first-release products to serve the improvement of people's quality of life.

Currently, domestic first-release brands are adopting innovative business development models, integrating innovative management elements, optimizing the construction of industrial chain clusters, continuously developing first-release products that meet the needs of the people for a better life, and thus better meeting market consumption demand. Combining forms such as first-releases, first-shows, and first-exhibitions, innovative cultural service consumption scenarios are created, and the quality of cultural consumption is improved. At the same time, domestic first-release entities, through active innovation and trendsetting, have attracted the attention of global brands, enhancing the international influence of local brands and the Chinese market while continuously opening up new consumption space and injecting vitality into boosting consumer confidence.

Second, striking a balance between "originality" and "introduction".

The brand effect created by the first-release economy has a profound impact on first-release products. Brands can bring premium pricing, generate added value, and are intangible assets of products. Under the background of economic globalization, whether first-release products can occupy a place in the international market and whether they have originality are key factors affecting the sustainable development of the first-release economy. Building the influence of original brands is a lasting driving force for empowering economic development. The development of the first-release economy should adhere to the important support of excellent traditional Chinese culture, aim to lead the creation of a better life, find market demand, base itself on its own advantages, enhance brand appeal, and strive to create first-class brands. Combining the current "national tide" consumption, protecting and inheriting time-honored brands, and enhancing the brand creativity of first-release products on the basis of originality and practicality.

At the same time, on the basis of originality, we should draw on the essence of international brand culture, learn from the experience of international excellent brands, and utilize global brand resources and elements to better grow and develop in the international market. Meeting consumers' pursuit of new things and high-quality life through product introduction will make first-release brands more internationally influential, win the global market, and deepen the "first-creation" effect of new formats.

In addition, the first-release economy must also be wary of blindly worshipping Western trendy economics. Some first stores rely on OEM and imitation, leading to serious homogenization competition, and there are even many fake first stores and trademark stores, lacking the excavation of the connotation of brand "first-release", resulting in a lack of originality. This not only affects the brand building of commodities, but also does not conform to the requirements of building a high-level socialist market economic system.

Third, striking a balance between the "present" and the "long term".

The core of the first-release economy lies in "first," but focusing only on "first" cannot support the long-term stable operation of the economy. Only the "first-release" advantage cannot guarantee "once and for all." Currently, most cities in China have their own landmarks and calling cards, and there is no shortage of first-release brands, but the long-term planning and sustainable operation of the first-release economy still need to be strengthened. Some enterprises blindly follow the trend, while others are keen on short-term economics. Even if the first store becomes an instant hit, it is difficult to transform from an internet sensation to a long-lasting success due to its inability to operate sustainably, and the first-release advantage becomes a flash in the pan, causing considerable impact on the entire brand.

Therefore, the first-release economy also needs to do a good job in top-level design and long-term planning, paying attention to the economic expansion power, market radiation power, and capital aggregation power behind the phenomenon. The opening of first stores and the launch of new products bring consumers' understanding of a brand and industry, and the first-release cluster becomes a new consumption "IP," attracting more resources to gather around the first-release economy, attracting more industries to invest more funds and talents, and forming a development ecosystem for the first-release economy from release, display, sales, research and development to headquarters establishment.

In addition, the operating entities of the first-release economy are interconnected and engage in close business cooperation, and they themselves form a business alliance. The upstream and downstream industries are linked, and cross-field business models are integrated, reducing local raw material costs, financing costs, labor costs, etc., promoting the continuous increase in the participation of various elements of operating entities, and forming new advantages of virtuous cycle development.

Currently, the state is vigorously introducing policies and measures to encourage the development of commercial brand first stores, attracting more and more first-release brands to open first stores in China and establish research and development centers around the world, and making long-term plans for the strategic actions of the first-release economy. We must use multiple means such as policies, technology, and economics to coordinate the management of first-release resources, transform first-release consumption demands into targets for first-release production, and use first-release consumption to drive the linkage of the entire industrial chain of the first-release economy. We should focus on creating long-term development scenarios and service formats for the first-release economy, so that once first-release products become popular, they can achieve rapid industrialization and large-scale development, providing fertile ground for the development of the first-release economy, promoting the upgrading of consumption quality, and the continuous growth of new types of consumption.

The Decision of the Third Plenary Session of the 20th Central Committee of the Communist Party of China points out that it is necessary to guide reforms with the new development philosophy, be based on the new stage of development, deepen supply-side structural reforms, improve the incentive and constraint mechanisms for promoting high-quality development, and shape new development momentum and advantages. As an important engine for tapping consumption potential and stimulating market vitality, the first-release economy is a new growth point for igniting consumption enthusiasm and boosting economic growth. We must use scientific methods to actively develop the first-release economy, coordinate the expansion of domestic demand, highlight the core competitiveness of China's first-release economy brands, continuously promote the optimization and upgrading of the industrial structure, contribute to the construction of a national unified large market, and create more business opportunities and market opportunities for promoting high-quality economic development in China and even global economic growth.