The booming practice of livestreaming, accelerated by the COVID-19 pandemic, has seen businesses and people in China go online with the hopes of tapping into the country's expansive and lucrative e-commerce sector.

It's the path that Alice Wong knows all too well. She's a Hong Kong native who moved to the mainland with the goal of securing internet fame and a platform to make a living.

"I thought there would be a huge market in the influencer market in China, so I went to Shenzhen actually in July last year to try and explore more opportunities," says the influencer who goes by the name of 爱丽丝 on Douyin, the Chinese version of TikTok.

Having first started livestreaming in 2016, Wong was using modern technology as a marketing channel, showcasing her restaurant in Hong Kong. At the time it was a way of promoting her establishment to tourists visiting the city.

But then came the coronavirus, which perhaps was a silver lining for the rising star, pushing her to explore what could be a golden opportunity just several hundred kilometers away.

"During the epidemic, my shisha bar and beauty clinic were suffering, and there wasn't much to do in Hong Kong," explains Wong.

"So I started livestreaming on Douyin. I made over 80,000 U.S. dollars in three months. Then I saw the potential in the market and decided to travel to Shenzhen in July last year to explore the market."

The figures are noticeably astounding for those perhaps not up to speed on the livestreaming craze that's taken China by storm. With platforms such as Kuaishou (the Chinese version of Kwai) and Douyin giving influencers and businesses the chance to monetize their content, it's perhaps a believable reality that one could generate significant amounts of money online.

In a report from last year, data from China's National Bureau of Statistics found that from January to May, the country's online sales grew by 11.5 percent from the same period the year before, and its weight in total retail sales rose by 5.4 percent from a year earlier to 24.3 percent.

Meanwhile for people like Wong, livestreaming and generating spending – and overall consumption – have more than one form that can bring in the money.

"There are actually two specific types of livestreams in general, entertainment livestreams and retail livestreams," says Wong.

"For retail livestreams, you sell products like how the old-school retail advertising programs on TV you used to see when you were a kid."

"I sing Cantonese songs, play games with other livestreamers and interact with the audience. It's more like a combination of a radio channel and a variety show. Sometimes I promote products in my livestream by putting product links in my Douyin store, where the audience can purchase things I used or promoted in my videos, for example, perfume."

With China now ushering in its 14th Five-Year Plan, with a substantial focus on the dual-circulation policy and domestic consumption, the potential that the livestreaming industry brings, in terms of economic impact, is rather evident.

A 2020 report found that the number of users engaged with livestreams integrating e-commerce functions stood at 265 million. That's enough to turn the heads of economic analysts and push them to pay greater attention to the market and e-commerce in general.

"Now actually the B2C business model is very professional," says Wu Haifeng, a research fellow from the Shenzhen Institute of Finance at the Chinese University of Hong Kong.

"You make an order online and the next day your delivery comes to your door. So it brings benefits to the business side and the customer side. It's easy and convenient, you can get your customized product, and on the other hand the supplier doesn't have to pay a marketing cost."

Managing the domestic market while consolidating international trade are going to be key tasks for China's economic planners. But with last year's announced dual-circulation policy and a move to greater self-reliance, some analysts have feared that China is possibly closing the door to foreign engagement in an economic sense.

Despite being a plausible concern, foreign investment lawyers like Giovanni Lovisetti hope people can see these policies in a different light.

"This is something that should not worry foreign investors," reasons Lovisetti, a senior associate from Dezan Shira & Associates, a consulting firm that guides foreign investors in China and Asia.

"Nowadays, foreign investors should invest in China, for China. Actually, a boost in domestic consumption, which is supported by the dual-circulation system, in the end, can just benefit foreign investors."

The country's political season is now underway, with much more to be discussed when it comes to the national economy. With a growth target of 6 percent already on the mind of economic planners, those helping boost the economy on China's various platforms will receive continued attention.