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China to Capitalize on the Growth of the Culture Industry

For the first few months of 2009, China’s culture industry experienced double digit growth of 17 percent, while its book sales grew 20 percent and movie ticket sales were up 40 percent compared to the same period last year. In order to capitalize on this growth, China has instituted a series of plans to include the culture industry in its national “Eleventh Five Year Plan” and make it a new area to stimulate domestic demand.

Ministry of Cultural is speeding up formation of guidelines, organizing national conventions, and encouraging non-public enterprises to enter the culture industry. Below are a few examples:

  • On April 24, the Ministry of Culture signed a cooperative agreement with the Bank of China to establish a long term strategic partnership to secure financial funding for new culture enterprises and projects.
  • On May 18, during the 5th China (Shenzhen) International Cultural Industries Fair in Shenzheng, 3.5 million visitors were at the expo, 830,000 more than the previous time.
  • On June 15, the Shanghai Cultural Equity Exchange, a platform for the trading of property rights, creditor’s rights and equity rights of culture products was formed. There were 500 active projects being traded including 50 from foreign countries.

Source: Xinhua, June 18, 2009