Lu Jiandong (right), deputy-president of China International Electronic Commerce Co. Ltd, signs a contract with Jin Ailan, board chiarman of Zhejiang Wangyin Tech Co. Ltd, the sponsor of the competition, in Beijing on August 30, 2015. [Photo/provided to chinadaily.com.cn]

A new media innovation and entrepreneurship competition was launched in Beijing on Tuesday, aiming to find new ways to commercialize new media content.

The "2016 China Internet Plus New Media Innovation & Entrepreneurship Competition" is jointly organized by China International Electronic Commerce Center and the human resources and social security bureau of Yiwu city, home to the world's leading small commodities market, in East China's Zhejiang province.

The new-media business including the Wanghong or internet celebrities related business, has become a new dynamic in economic development, said Lu Jiandong, the deputy-president of the China International Electronic Commerce Co. Ltd, a company owned by CIECC, at the launch ceremony.

In 2016, China has seen a surge of Wanghong groups. A report published by Guotai Junan Securities Co in January said the market driven by internet celebrities in China has great potential with the clothes sector alone being estimated at more than 100 billion yuan.

Actually, a large part of the Wanghong group promotes their personal brand through new media platforms including the Chinese Twitter-like Sina Weibo and online live show platforms.

However, the way to monetize new media is mainly restricted to advertisements, paid-memberships and micro e-commerce, which limits its reach to a few sectors, said Lu. The competition was held to find new ways to monetize new media business, added Lu.

The competition was composed of two groups, new media entrepreneurship and Wanghong groups, and will last two months from Aug. 30 to Oct. 31. Whether the candidate projects have commercial viability will be a key criteria for the competition jury.

All the participants may gain a chance to get access to enjoy funding from a industry fund pool of $149 million, with the top 10 winners being awarded a priority in receiving investment from the fund.