People’s Daily published a review, stating that China’s culture-based industry boomed in 2010. Movie box office revenues exceeded 10 billion yuan, which is a 33% increase over the prior year. Total publishing revenue exceeded 1.3 trillion yuan, a 20% increase from 2009. About 50% of culture-based companies on the stock market did their IPOs in 2010, absorbing 10.4 billion yuan from the market.
”However, there are still gaps between China’s culture-based industries and those of Western countries. The total production is still small (China needs to have a $4 trillion-yuan market to be on the same footing with Western nations), lacks major cultural enterprises and brand-names, lacks resources and experts, finds it difficult to procure funding, finds policy support lacking, and has experienced a large trade deficit in cultural products.”
Source: People’s Daily, January 28, 2011