The Binjiang live streaming e-commerce industrial base and Binjiang digital innovation industrial base are unveiled at the conference on June 9. [Photo/zj.zjol.com.cn]

The Hangzhou High-Tech Zone (Binjiang) rolled out a series of policies to support the development of the district's live streaming industry at a conference on June 9.

Statistics show that China's live streaming market value was 10 billion yuan ($1.42 billion) in 2010 but increased to 37 billion yuan by 2018.

This year has seen a boom in the number of users of live streaming platforms, with the number expected to reach 550 million, increasing by more than 9.2 percent from last year.

Binjiang district has a complete live stream industrial chain. It is estimated that the zone has over 150 companies in the live streaming industry and a number of well-known internet celebrities.

Meanwhile, the number of incubators of live streaming companies are also increasing rapidly, which, in turn, has given rise to even more live streaming startups.

At the conference, the government of the zone announced a new set of favorable policies.

According to the policies, the district is planning to introduce a number of well-known specialized platforms and several companies related to live streaming industry.

The district will offer more support to skilled workers and live streaming companies that manage to go public.

At the event, the Binjiang live streaming e-commerce industrial base and the Binjiang digital innovation industrial base were unveiled. Several live streaming companies signed cooperation deals with the government of Binjiang district to boost the live streaming industry.