Business
Shanghai’s $85 Billion Gamble: A Three-Year Plan to Revitalize China’s Economy through Live-Streaming
Shanghai is relying on the live-streaming economy to stimulate China's sluggish consumer spending. With a strategy spanning three years, the domestic industry is projected to produce close to US$85 billion in online purchases by 2026.
The city administration of Shanghai has announced its intentions to enhance the city's live-streaming industry, aiming to achieve approximately US$85 million in online sales by 2026. This initiative comes as the financial center of China seeks to increase consumer expenditure amidst a sluggish national economy.
On Monday, the "Three-Year Action Plan for the High-Quality Development of Shanghai's Live-Streaming Economy (2024-2026)" was unveiled. The plan outlines goals for the local industry to achieve by 2026, including generating an annual gross merchandise value of approximately 600 billion yuan (US$84.6 million), establishing 10 premier live-streaming platforms, nurturing a group of multichannel networks (MCNs) and brands, and creating a hundred unique live-streaming scenarios.
MCNs are firms that assist influencers who live-stream in handling their operations.
The recently unveiled triennial strategy, an expansion of the earlier 2021-2023 scheme, underscored the significance of live-streaming sector in stimulating customer expenditure and enhancing Shanghai's reputation.
The city administration plans to utilize the possibilities of the live-streaming market to bolster consumption, commerce, manufacturing, and culture, contributing fresh impetus to Shanghai's comprehensive economic and social growth, stated the Shanghai Municipal Commission of Commerce in their plan.
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