BEIJING – China plans to more than double the value of its entertainment and other cultural industries to nearly three trillion yuan, or roughly $460 billion, within the next five years in effort to boost domestic consumption and propel Chinese culture overseas. Beijing will expedite bank loans and facilitate public listings for companies involved in film and television production, live entertainment, as well as gaming and publishing, said Sun Zhijun, director general of the Office of Central Leading Group for Reform of Cultural Systems, in a meeting with the press Monday.
“We will deepen the cultural industries because they are a new growth point of our national economy,” Mr. Sun said, noting that China’s entertainment market revenue was estimated at 1.3 trillion yuan last year. Focus on the entertainment industry comes as Chinese leaders aim to expand domestic consumption in effort to reduce reliance on exports. The National People’s Congress, convening March 5, is expected to unveil its five-year plan, which will largely entail efforts to increase consumers’ appetites for goods and services.
Growth of the film industry, a government priority in recent years, has played into a broader scheme to create cleaner, more profitable home-grown businesses. The number of locally produced films shot up 15% in 2010 from a year earlier, to 526 films, according to media research firm EntGroup Inc. China’s film industry generated revenues of 10.17 billion yuan in 2010, up from 6.2 billion in 2009, while online gaming revenue was estimated at $4.4 billion, according to San Francisco-based Niko Partners, an Asian gaming research company.
The Chinese government also says that if China becomes a major player in entertainment, it will help to export a friendlier image overseas, establishing more soft power and a more approachable diplomatic presence. Emphasis on film and television expansion will remain a priority, Sun said. The government also aims to spur industry expansion in videogame and digital book production, thanks to the growing popularity of Internet technology and e-readers, Mr. Sun said.
