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Minister of Culture: Culture Industry Growing Rapidly, Lacking Leading Enterprises

Cai Wu, China’s Minister of Culture, recently delivered a report to the Standing Committee of the National People’s Congress on the development of the culture industry. He admitted that there are several fronts where the industry is facing challenges: (1) the culture industry is does not have a large enough scale and the development level is not high; (2) the industry lacks leading enterprises and well-known brands; (3) the culture trade deficit remains high; (4) blind investments do exist. He believes that, to improve the situation, increased government investment and support from the financial industry are necessary.

Source: Renmin, April 29, 2010