On February 28, 2011, the Propaganda Office of the Chinese Communist Party’s Central Committee announced that China has become the world’s third largest film producer and No. 1 in TV series. For the past six years in a row, each year’s growth of box office income from film productions has exceeded 30%.
Recent years have seen tremendous government support for the cultural industries by providing preferential policies in financing and investment. In 2010, newly added mid-and-long-term loans in cultural industries amounted to 27.6 billion yuan (US$4.2 billion); special funds at the central and provincial level add up to 5.2 billion yuan (US$0.79 billion). So far, special investment funds or investment corporations have emerged in seven provinces, with total capital of over 10 billion yuan (US$1.5 billion). 26 companies in culture related businesses are now listed on the Shanghai or Hong Kong stock markets. In 2010 alone, they raised capital of 10.4 billion yuan (US$1.6 billion).
Source: Xinhua, February 28, 2011