The first China (Shanghai) Industrial Products Online Trade Festival opened on April 28. The two-month trade festival aims to achieve 10 billion yuan ($1.4 billion) in centralized purchase transactions through livestreaming.

As an important attempt to reconstruct the industrial chain, the trade festival is trying to reconnect the broken industrial chain from the supply side, the demand side and the technology side. So far, more than 5,000 enterprises have signed up for the festival.

"The festival is an important move to promote the online new economy, develop innovative online exhibitions, and unleash the potential of manufacturing consumption," said Liu Ping, chief engineer of Shanghai Commission of Economy and informatization.

Shanghai is hoping to accelerate the development and reform of industrial e-commerce through the festival, making it one of the most influential e-commerce event brands, Liu said.

The festival will focus on all kinds of industrial products, such as production equipment, machinery parts, electronic and electrical, instruments and apparatus, storage and transport, and labor protection. Also, the event is paying special attention to masks, disinfectant and other COVID-19 epidemic prevention materials.

For upstream and downstream manufacturing enterprises in Shanghai and the Yangtze River Delta region, industrial product suppliers will offer special prices during the trade festival.

The festival's opening ceremony also set up two sub-venues in Yunnan and Hubei provinces.