Zhejiang has recently issued the Opinions on Promoting the Standardized and Sound Development of the Livestream‑economy (hereinafter referred to as the Opinions). It sets the target of raising the province’s total livestream‑driven sales to over RMB 1 trillion by 2030 and building Zhejiang into a high‑ground for livestream‑economy development.

Reporters noted that this marks the first special document issued jointly by the General Offices of Zhejiang Provincial Party Committee and the Provincial People’s Government to boost the livestream economy. Previously, relevant measures in Zhejiang mostly took the form of departmental guidelines or local standards.

The Opinions put forward 20 concrete measures covering invigorating market entities, expanding development space, improving governance systems and optimizing the development ecosystem. To energize market players, Zhejiang proposes to attract leading domestic and foreign livestream‑e‑commerce platforms to set up regional or functional headquarters in Zhejiang in accordance with laws and regulations. It will roll out a cultivation programme for livestream service agencies, plan and construct a number of livestream‑economy clusters, and scale up resource input for livestream bases and innovative livestream projects.

Notably, artificial intelligence is a key priority under the policy. The Opinions calls for fostering AI‑powered innovative livestream enterprises, encouraging new business forms and models such as digital humans and virtual anchors, pursuing research on core key livestream technologies, building a shared livestream‑technology platform, and supporting joint‑laboratory initiatives between universities, research institutes and livestream enterprises.

While bolstering industry growth, the Opinions further tightens regulation over the livestream economy. It requires refining the responsibility list for livestream platforms and improving the platform “gate‑keeper” management system. Platform trading rules shall be standardized and recommendation algorithms optimized. Meanwhile, cut‑throat competition practices including false publicity, fictitious transactions and low‑quality goods sold at low prices will be rectified.

Source: Shanghai Securities News