Government News
Shanghai issues new livestream economy action plan with USD82.8 billion sales goal by 2026 2024-09-03
Shanghai has released a new action plan to enhance the livestream economy in the city, with an ambitious target of reaching CNY600 billion (USD82.8 billion) in livestream e-commerce sales by 2026.
The new measures aim to leverage livestreaming to empower consumption, trade, industry, and culture in Shanghai, according to the plan the local government released on Monday. The city plans to nurture 10 top-tier livestream platforms with national prominence and international competitiveness, foster influential multi-channel networks and brands, and develop 100 unique livestream scenarios.
Shanghai will encourage livestream platforms to integrate with local industrial supply chains, helping companies expand their sales channels and promote stable industrial growth. It will also focus on promoting local fashion consumer goods, including apparel, cosmetics, and gourmet foods, via livestreaming to boost original design and brand building.
The new action plan reinforces the role of livestream platforms in effectively matching supply and demand, stimulating consumption and production to promote the development of the real economy, said Zhan Yubo, director of the research office at the Shanghai Academy of Social Sciences' Institute of Economics.
In addition, the plan supports the internationalization of Shanghai's livestream economy by backing platforms and MCNs in their overseas expansion and encouraging cross-border e-commerce livestream businesses.
The three-year plan focuses on increasing the supply of computational power and other infrastructure, attracting and retaining livestream talent, enhancing skills training and evaluation, and strengthening policy support to ensure the growth of the livestream sector in Shanghai.
Priority is also given to "guided and standardized development," encompassing measures, including deepening inclusive and prudent regulation, fostering a fair development environment, and strengthening industry self-discipline.
The Covid-19 pandemic accelerated the growth of the livestream economy, with several cities intensifying efforts in the field, noted Li Zezhong, assistant researcher at the Institute of Economics. The new plan introduces more comprehensive supporting policies tailored to current needs, helping Shanghai maintain its competitive edge in the sector, he added.
In April 2021, Shanghai released another three-year plan for livestream e-commerce development with the goal of boosting online shopping transactions to over CNY200 billion by the end of last year.
Source: Yicai Global
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