SHANGHAI, July 22 -- Political news platform The Paper launched its mobile phone app on Tuesday, creating a buzz among media professionals.

To many, the interactive news company stands as a trail blazer for the industry's integration with new media.

The Paper, reported to have received hundreds of millions of yuan from state-owned Shanghai United Media Group, gained popularity on social networking platforms after publishing a slew of juicy stories on high-profile corruption cases from last month.

A senior executive of The Paper told Xinhua the interactive news company would strive to become one of China's biggest platforms of news integration.

An op-ed marking the app's launch became a buzz on social networks. The Paper's CEO Qiu Bin recollected boozing ahead of his graduation in 1990.

"The Paper is dedicated to nostalgia of the 1980s," Qiu wrote.

The Paper has gained attention as Chinese media moves to embrace new technologies and transform the industrial landscape.

According to a new media report released by Xinhua on Tuesday, China has the most vibrant new media market among emerging economies.

Shen Yi, associate professor on media at Fudan University, said people want The Paper to provide newsworthy content rather than burn money on tabloid stories.

"The public has concerns over The Paper, concerns over the balance between profits and social impact, and concerns over growing fragmentation of news," Shen said

Hu Shuli, editor-in-chief of Caixin Media, wrote on her Sina Weibo -- a Twitter-like microblogging site -- that media in Shanghai are cementing their watchdog roles along with recent transformation.