China, with a history and ancient wisdom that stretches back across millennia, is a nation that abounds in cultural resources. Yet, when it comes to the commercialization of these resources, the Asian Giant is only at its infant stage. Over the next five years, China's cultural industry is geared to grow from a new engine into a pillar of the national economy.

Oriental dawn

With its economy expanding at an astounding rate and the central government's heavy support, China's cultural industry is to hail a new dawn.

For years, China has been one of the world's fastest growing economies. According to statistics, from 1989 until 2010, China's quarterly Gross Domestic Product (GDP) growth rate averaged 9.31 percent. In the fourth quarter of 2010, its GDP expanded 9.80 percent and overtook Japan as the world's second largest economy.

International common sense suggests that when a country's per-capita GDP exceeds $3,000, its citizens' demand for cultural consumption will rise sharply. China's per-capita GDP surpassed $ 4,000 in 2010, and in such metropolises as Beijing, Shanghai and Guangzhou, the number even exceeded $10,000.

In the meantime, the newly-released 12th Five-Year Plan of the Communist Party of China (CPC) made it clear that the cultural industry should be developed into a pillar industry in the next five years, meaning the cultural sector, as a pillar industry, should take up at least 5 percent of the total GDP by 2015, whereas it currently accounts for less than 2.5 percent.

Stepping up

China's cultural industry is ready to get on the fast track in its development and enjoy a favorable environment in both economic and political terms.

In recent years, China's cultural industry has been growing at an average annual rate of more than 17 percent, surpassing that of the national economy by over 7 percent. It has emerged as a new engine in driving economy. Even the international financial crisis failed to dampen the growth of the sunrise industry, in which it has played a special role in boosting domestic demand and adjusting the economic structure.

For that matter, the cultural industry was highly regarded by the Chinese Central Government.

In 2009, the State Council, the highest executive organ of State administration, for the first time, issued a document designed to promote cultural industry in China. The release of the document, namely the Plan to Adjust and Reinvigorate the Cultural Industry, indicates that cultural industry in China was elevated to an unprecedented height of strategic position at national level, manifesting the Chinese Central Government's resolution to transform the budding industry.