Draft regulation holds hope for e-commerce livestreaming industry

The Zhejiang E-Business Association on Wednesday introduced a draft regulation for the e-commerce livestreaming industry and solicited public opinion on it, in the first such attempt in the country.

E-commerce livestreaming is a rapidly growing industry, especially after the novel coronavirus epidemic broke out at the beginning of this year. According to the 45th China Internet Development Report issued by China Internet Network Information Center in April, by the end of March the number of livestreaming users in China had risen to 560 million, accounting for 62 percent of China's netizens.

Statistics by iiMedia Research, a media research organization, show that the market scale of China's livestreaming e-commerce industry was 433.8 billion yuan ($61.31 billion) in 2019, and the growth rate in 2020 is expected to be over 100 percent.