TYGlobe

Content Interpretation

On March 17, 2025, the Shanghai Municipal People's Government officially issued the *Several Measures of Shanghai Municipality on Promoting the Innovative Development of the Service Industry* (hereinafter referred to as the "Measures"). Centering on building a new high-quality and efficient service industry system, this policy document systematically puts forward 31 innovative initiatives across four major dimensions. Targeted at the fast-growing micro-short drama industry, the Measures specifically set out dedicated support policies, focusing on establishing a full-chain industrial service system.

I. Core Policy Measures

(I) Innovate Financial Support Models

A dual-track mechanism of "copyright pledge + special board trading" has been pioneered in the tech-finance sector: First, the copyright of short online dramas is included in the scope of subject matters for pledge financing, allowing enterprises to conduct financing activities with copyright as their core assets. Second, the first "Special Board for Short Online Dramas" nationwide has been established at the Shanghai Technology Exchange to build a specialized platform integrating copyright registration, value assessment, transaction matching and financing services.

(II) Establish a tiered service system

Relying on the Shanghai Technology Exchange, an innovative full-process service system covering "incubation - registration - transaction - financing" has been established. By setting up standardized copyright registration mechanisms, professional value assessment models and introducing the participation of diversified financial institutions, the in-depth docking between sci-tech services and the capital market is realized.

II. Analysis on the Value of Policy Implementation

(I) Industrial Empowerment Dimension

This policy includes the micro-short drama industry into the modern service industry system under key government support for the first time. By establishing specialized trading platforms and financial support mechanisms, it will significantly improve the standardization level of the industry. According to the disclosure by the Shanghai Technology Exchange, the system of "rights registration - valuation assessment - transaction authentication - financial empowerment" under construction can effectively activate the value of content assets, and is expected to drive the investment scale of the micro-short drama industry to grow by more than 40%.

(II) Innovation of Market Mechanisms

By establishing the "Special Board for Short Web Dramas", Shanghai has taken the lead in China in setting up a new digital content asset trading mechanism. This mechanism draws on mature models such as biomedical pipeline pledge financing, explores innovative paths for virtual asset securitization, and opens up new financing channels for asset-light cultural enterprises.

III. Implementation Challenges and Response Strategies

(I) Establishment of the Valuation System

In response to issues including the high volatility of the copyright value of micro-dramas and the absence of evaluation standards, Shanghai Technology Exchange is collaborating with professional institutions to develop a multi-dimensional evaluation model. The model integrates 12 core indicators such as historical transaction data, market popularity index and content innovation degree, so as to build a differentiated evaluation system.

(II) Risk Prevention and Control Mechanism

Supporting policies shall be formulated to establish the "regulatory sandbox" system, and pilots shall be launched in specific areas such as the Pudong New Area: on the one hand, copyright origin tracing shall be realized through blockchain technology; on the other hand, insurance institutions shall be introduced to develop special liability insurance, so as to build a dual guarantee system of "technical prevention + financial hedging".

IV. Industrial Development Prospects

The introduction of this policy marks the official entry of the micro-drama industry into a government-led standardized development stage. Through innovation in financial instruments and reengineering of the service system, Shanghai is making great efforts to foster micro-drama industrial clusters covering content creation, technology R&D and capital operation. Statistics show that 27 leading production institutions have initiated settlement procedures in the first week following the release of the policy, and it is estimated that an industrial ecosystem with a total scale of over RMB 100 billion will take shape within the year.

The implementation of this special policy not only injects development momentum into the micro-short drama industry, but also pioneers an innovation paradigm of "financialization of content assets" in the digital economy sector, which is of important demonstration significance for the transformation and upgrading of China's cultural industry.

2. Original Text of the Policy