A comic shows a host selling cosmetics through livestreaming. [Photo/IC]

The Hangzhou municipal bureau of commerce recently issued a series of incentive policies for livestream e-commerce hosts, companies and industrial parks as part of efforts to accelerate the development of the local livestream e-commerce economy, local media reported on Sept 4.

According to the policies, the local livestream e-commerce economy is expected to have a transaction volume of 1 trillion yuan ($146.4 billion) by 2022, contributing to 20 percent of annual consumption growth.

A one-time bonus of 500,000 yuan or higher will be awarded to renowned livestream e-commerce companies that have established their regional headquarters or operation centers in Hangzhou.

For first-tier hosts who are ranked among the top 100 in China and are based in Hangzhou, a bonus of at least 2 million yuan will be given once their annual sales have surpassed 500 million yuan.

The city will also nurture a group of distinctive, popular and high value-added products so as to stimulate local industries and bring more Hangzhou brands into the international arena.