Festival celebrates year of online new economy

Shanghai’s latest achievements in the online new economy or digital transformation will be on show during the annual Shanghai Information Consumption Festival from May 17 to June 17.

The festival’s opening day is also the World Telecom Day.

This year is the first anniversary of the online new economy, initiated by the Shanghai government on April 13 last year. The term covers the information technologies, including artificial intelligence, 5G, Internet, big data and blockchain, that empower traditional industries such as manufacturing, finance, culture and entertainment, education, health care and transport.

Last year, the online new economy boomed in the city due to social distancing brought about by the pandemic. Contactless delivery and payment, online meetings, indoor entertainment are among the things now taken for granted in China.

“We invite the Shanghai Academy of Social Sciences to publish Shanghai’s or China’s first white paper on the online new economy, which will elaborate the development and achievements in online new economy made by the city last year,” said Lu Lei of the Shanghai Information Services Association (SISA), one of the festival organizers. 

Ten people who have made outstanding contributions to the city’s online new economy will be honored at the opening ceremony. They are all CEOs or founders of companies in the information service industry that saw rapid development last year.

“This is a gala for the whole information service industry and all leading companies and fresh forces will attend the ceremony,” Lu said.

The opening ceremony will be livestreamed on more than 20 online platforms including Shanghai-based Bilibili and Kuaishou.

Li Jiaqi, an Internet influencer and a beneficiary of the online new economy will feature at the opening ceremony.

A two-hour livestream presentation will follow the opening ceremony, featuring three entrepreneurs selling digital products.