Shanghai’s Bid to Revive National Economy: A Three-Year, $85 Billion Plan Leveraging the Live-Streaming Sector

Shanghai is banking on the live-streaming industry to stimulate China's sluggish consumer spending. A three-year strategy anticipates that the local market could produce close to US$85 billion in online sales by 2026.

The city authorities in Shanghai have announced their intentions to enhance the city's live-streaming industry, aiming for approximately US$85 million in online sales by 2026. This comes as the financial capital of China is seeking to increase consumer expenditure amidst a sluggish national economy.

The "Three-Year Strategy for the Advanced Development of Shanghai's Live-Streaming Economy (2024-2026)" was unveiled on Monday. By 2026, this plan aims to boost the local industry to produce an annual gross product worth 600 billion yuan (US$84.6 million), create 10 leading live-streaming platforms, nurture a number of multi-channel networks (MCNs) and brands, and develop a hundred "unique scenarios" for live-streaming.

MCNs are firms that assist influencers who live-stream in handling their operations.

The recently unveiled triennial strategy, an enhancement of the preceding 2021-2023 scheme, emphasizes the significance of the live-streaming sector in stimulating consumer expenditure and enhancing Shanghai's reputation.

The city authorities plan to utilize the potential of the live-streaming economy to boost consumption, trade, industry, and culture, providing fresh energy to Shanghai's comprehensive economic and societal growth, according to the blueprint released by the Shanghai Municipal Commission of Commerce.