Shanghai is set to become a global digital advertisement hub according to a guideline published on Tuesday, jointly released by the Shanghai Administration for Market Regulation and the Shanghai Commission of Economy and Information.

At the end of November, there were 558,000 advertising businesses registered in Shanghai, including 8,403 foreign-funded ones, according to the administration.

They had a combined revenue of close to 200 billion yuan (US$30.76 billion) over the year, with internet media making up 60% of this total.

As per the guideline, Shanghai is set to develop new digital advertisement business models, advance tech applications, create an innovation design hotspot, bolster the standard implementation, international exchange and cooperation of intellectual property rights, and accelerate the development of the digital advertisement industry with financial services.

In addition, vlog, webcast and social e-commerce networking platform development will be strengthened, according to a Shine news report.

Shanghai will introduce a series of digital advertisement standards and simultaneously boost their monitoring.

Advertising businesses are being urged to apply digital technology within the creation of original works. Subsequently, digital advertisement firms located in the city that show exceptional innovation and tech advances will receive support, says the new guideline. Small and medium-sized businesses with the potential for development will also be nurtured.

Moreover, cross-border trade services in Shanghai’s advertisement industry will be promoted.