The Shanghai International Advertising Festival started on Thursday, showcasing international exchanges with global industry experts and business leaders from nearly 20 countries.

Last year, Shanghai's above-scale enterprises and institutions generated advertising revenue of 294.59 billion Yuan ($41.37 billion), representing approximately a quarter of the national total and marking a record year-on-year increase of 23.7%, according to a white paper on the city's advertising industry released by the Shanghai Administration for Market Regulation on Thursday.

As of the end of June, Shanghai had 98,781 registered advertising enterprises, including 11,325 foreign-invested firms, and 22,000 enterprises with a business scope in “digital advertising,” Shine News reports.

In the first half of this year, the business income of the city's above-scale advertising enterprises amounted to 128.91 billion Yuan, reflecting a year-on-year increase of 16.2%.

During the festival, experts and business leaders from countries such as the UK, US, France, Thailand, and Australia will present the latest advancements and trends in international digital advertising, and discuss new opportunities for the development of the Chinese market from a global perspective.

Over 70 leading domestic and international speakers will lead 52 forum sessions at the festival. The involvement of top global companies like Coca-Cola, P&G, and General Motors underscores the confidence international brands have in the Chinese market. 

The festival's forums will offer insights into the global consumer market and explore strategies for Chinese enterprises to effectively expand overseas.

The administration stated that the festival will serve as a platform to encourage more Chinese companies to expand internationally and pursue opportunities for overseas development.

“Promoting international exchanges is one of the core tasks of the festival and we actively recommend enterprises to apply for the city's high-quality business development fund and deliver support for leading enterprises on overseas layout,” said Zhang Hongbing, director of the administration's advertising supervision and management department.