A livestream is conducted in Yiwu, Zhejiang province. [Photo/Zhejiang Daily]

The 2023 Zhejiang Provincial Livestreaming E-commerce Competition finals are set to take place in Yiwu, local media reported on August 28.

The journey to the finals began on July 28 when the Zhejiang Provincial Livestreaming E-commerce Competition was launched in Hangzhou. Various regional competitions were organized to select the best talent, and the culmination of the competition is scheduled for October in Yiwu.

Yiwu, known for hosting more than 150 national-level exhibitions and trade fairs annually, boasts extensive experience in event management and promotional activities. An authority from the Yiwu market development and reform commission said that Yiwu is confident it can successfully host the finals."

In recent years, Yiwu has seized opportunities in the live e-commerce sector, introducing development action plans and a series of supporting policies. These initiatives have led to the establishment of a distinctive live e-commerce ecosystem in Yiwu.

In 2022, the city hosted over 567,000 livestreaming shopping sessions, generating a remarkable retail turnover of 38.72 billion yuan ($5.29 billion), a 19.17 percent year-on-year increase.

Yiwu currently boasts more than 70 livestreaming service agencies and over 12,000 professional anchors. The city also has over 20 live e-commerce bases, covering a total area of more than 300,000 square meters.