On 14 November 2023 a research symposium on second-hand goods circulation, organised by the circulation industry development department of the Ministry of Commerce, was held in Beijing at the offices of The LuxPik (Sheshouduo). Circulate City reported on the session, focusing on the regulators' remarks and the concrete asks raised by the companies present.
The Site Visits
According to the report, attendees visited two companies and spoke with staff on the floor about practical requirements and plans across inspection and authentication, repair and refurbishment, livestream selling and physical stores. The report quotes the department's view that green, low-carbon consumption is the direction of travel, that service capability and brand standing among operators should be raised, and that touring green-consumption showcases could help make the price and environmental case for buying second-hand.
What the Companies Asked For
The report records that companies were asked to put their issues and suggestions directly. Among them:
- A pre-owned goods trader — resolve how acquisition costs are recognised, to lower operating risk and cost;
- The LuxPik (Sheshouduo) — authentication standards for pre-owned luxury already exist, and enabling asset-backed lending against inventory would accelerate scaling;
- A second-hand industrial park — use digitalisation to clear bottlenecks, and build on local reform pilots to unblock import and export of second-hand goods;
- Large recommerce platforms — closer cooperation between leading firms and the regulator.
The Regulator's Summary
In the closing remarks, as reported, the department acknowledged the progress made in building out second-hand circulation, described the sector as an important part of the circular economy with a real bearing on green consumption and a low-carbon economy, and pointed to several directions: regulating market conduct, establishing group standards, and addressing financing and the sector's standing.
