To ease the financing difficulty faced by the cultural industry, in 2010, nine government ministries jointly issued a guiding opinion on financial support for the rejuvenation and prosperity of the cultural industry.

As of tomorrow, more favorable policies from the government are expected.

Looking forward

Experts predict that China's cultural industry is poised to maintain high growth during the next five years. While the industry's past growth was more government-driven, its growth will be more market-driven in the next few years, industry experts say.

Previously, China's economy relied on investment and exports, and domestic consumption was not strong. In the next five to 10 years, as the economic structure is adjusted, the government will encourage consumption.

Analysis based on statistics suggests the following trends for the sunrise industry.

First, the cultural industry will gradually become a pillar industry in the regional and national economy, given the favorable policy and economic environment the industry enjoys. It will also become a key investment area for the capital market. A batch of flagship public-listed cultural enterprises will appear. The industry will become more and more concentrated.

Second, the cultural industry will be further commercialized. Strong demand for cultural products will bring unprecedented prosperity to the industry. Investment in the industry will gradually diversify as the share of private and foreign capital increases.

Third, China's cultural brands and products will compete in the international cultural market. Although China's export of cultural content products will gradually expand, it is still difficult to eliminate China's deficit in cultural trade.

Fourth, the cultural industry will further integrate with other industries. Convergence between the cultural, manufacturing and service industries will spur the development of these industries.

Fifth, while significant progress has been made in the integration of telecommunications networks, cable TV networks and the Internet, digitalization that marked the cultural industry will be the core of the sector.

Source: China Daily

Editor: Xu Xinlei