1. Content interpretation
On March 17,2025, the Shanghai Municipal Peoples Government officially released the "Several Measures for Promoting Innovative Development of the Service Industry in Shanghai" (hereinafter referred to as the "Measures"). This policy document outlines 31 innovative measures across four key dimensions to establish a high-quality and efficient service industry system. Notably, the Measures specifically introduce targeted support policies for the rapidly growing micro-drama industry, aiming to build a comprehensive industrial service ecosystem covering the entire value chain.
I. Core policy measures
(1) Innovative financial support models
In the fintech sector, we pioneered a dual-track mechanism combining "copyright pledge + dedicated board trading": First, we incorporated micro-drama copyrights the pledge financing scope, enabling companies to use copyrights as core assets for financing. Second, we established Chinas first "Micro-Drama Dedicated Board" at the Shanghai Technology Exchange, creating a specialized platform integrating copyright registration, valuation, transaction matching, and financing services.
(2) Build a step-by-step service system
The Shanghai Technology Exchange has pioneered a full-cycle service system encompassing incubation, registration, trading, and financing. By establishing standardized copyright registration protocols, developing professional valuation models, and engaging diversified financial institutions, it has achieved seamless integration between technology services and capital markets.
II. Policy implementation value analysis
(1) Industrial empowerment dimension
This policy marks the first time the micro-drama industry has been incorporated the governments key-supported modern service sector. By establishing specialized trading platforms and financial support mechanisms, it significantly enhances industry standardization. According to the Shanghai Technology Exchange, the "rights registration-evaluation and valuation-trading authentication-financial empowerment" system currently under development is expected to effectively unlock content asset value, potentially driving over 40% growth in investment scale for the micro-drama industry.
(2) Innovation of market mechanism
By establishing a "micro-series dedicated platform", Shanghai has pioneered a new digital content asset trading mechanism in China. Drawing inspiration from established models biopharmaceutical pipeline pledge financing, this mechanism explores innovative pathways for virtual asset securitization, creating new financing channels for asset-light cultural enterprises.
III. Implementation challenges and coping strategies
(1) Construction of value evaluation system
To address the volatility in copyright value and the lack of evaluation standards for micro-series, the Shanghai Technology Exchange is collaborating with professional institutions to develop a multi-dimensional evaluation model. This model integrates 12 core indicators, including historical transaction data, market popularity index, and content innovation, to establish a differentiated evaluation system.
(2) Risk prevention and control mechanism
The policy also establishes a "regulatory sandbox" system, which is piloted in specific areas such as Pudong New Area. On the one hand, the blockchain technology is used to realize copyright traceability, and on the other hand, insurance institutions are introduced to develop special liability insurance, so as to build a "technical prevention + financial hedging" double protection system.
IV. INDUSTRY DEVELOPMENT PROSPECTS
The implementation of this policy marks the official entry of the micro-drama industry a government-led standardized development phase. Through financial innovation and service system restructuring, Shanghai is actively cultivating a micro-drama industrial cluster that integrates content creation, technological R&D, and capital operations. Data shows that within the first week of policy implementation, 27 leading production institutions have initiated relocation procedures, with projections indicating the formation of an industrial ecosystem exceeding 10 billion yuan in scale by year-end.
The implementation of this special policy not only injects development momentum the micro-drama industry, but also creates an innovative paradigm of "content asset financialization" in the field of digital economy, which is of great demonstration significance for the transformation and upgrading of Chinas cultural industry.
2. Original policy
