**Zhejiang Government Supports Virtual Human Hosts and Metaverse Development **
On April 20th, the Zhejiang Provincial Government Office issued “Several Measures on Further Expanding Consumption and Promoting High-quality Development” to support the development of e-commerce live streaming and seize opportunities for the rapid growth of e-commerce live streaming. This includes developing virtual human hosts, new consumption scenarios in the metaverse, and new business models. The plan aims to promote the development of e-commerce live streaming bases and public live streaming studios, with 300 new e-commerce live streaming “Common Wealth Workshops” to be added by 2023.
China’s GDP has been recovering quickly, reaching 28.5 trillion yuan in Q1, a year-on-year increase of 4.5%. As the economy gradually recovers from the pandemic, consumption and e-commerce channels like live streaming are expected to rebound. Cross-border e-commerce has experienced prosperous development with policy support and growing entrepreneurial enthusiasm. Since 2023, Zhejiang Province’s total retail sales of consumer goods have increased by more than 4.5%, with online retail sales growing by 6%. Under this policy guidance, consumption potential is expected to increase further.
Virtual human live streaming has received government support, further promoting industry development. Virtual humans in the live streaming industry have advantages such as low marginal costs, low policy risks, and attractive novelty, with significant market potential. Zhejiang is a major e-commerce province, and policy support indicates the value of virtual human technology in the live streaming industry. We believe that virtual humans are a key element in the development trend of the metaverse, and related businesses have substantial market potential.
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