Shanghai bets on live-streaming economy to boost China’s anaemic consumption
Under a three-year plan, the local sector should generate nearly US$85 billion in online sales by 2026
The Shanghai municipal government said it plans to boost the city’s live-streaming sector, targeting nearly US$85 million in online sales by 2026, as the Chinese financial hub looks to raise consumer spending in a lacklustre national economy.
Under the “Three-Year Action Plan for High-Quality Development of Shanghai’s Live-Streaming Economy (2024-2026)” released on Monday, the local sector by 2026 should generate an annual gross merchandise value of 600 billion yuan (US$84.6 million), establish 10 top-tier live-streaming platforms, foster a batch of multichannel networks (MCNs) and brands, and come up with a hundred “distinctive scenarios” for live-streaming.
MCNs are companies that help live-streaming influencers manage their businesses.
The new three-year plan, which builds on the previous 2021-2023 programme, highlighted the role of the live-streaming industry in encouraging consumer spending and promoting Shanghai’s image.
The municipal government aims to “leverage the live-streaming economy’s potential to empower consumption, trade, industry and culture, injecting new momentum into Shanghai’s overall economic and social development”, the Shanghai Municipal Commission of Commerce said in its blueprint.
