Imagine what the Chinese economy will look like three years from now - will it be any different? Even the boldest economists may shy from making predictions. China's economy is simply too gigantic and complex, and thus it's challenging to guess how it will evolve.

On second thought, forecasting doesn't seem that difficult, considering the structural sclerosis that has long beset the country's economy. It is highly reliant on certain sectors, most notably the property market in the past few years.

However, with the industry now going downhill and the government unusually firm in its clampdown on sky-high home prices - local governments' major source of revenues -the real estate blues seem here to stay. Many are wondering which sector will supplant property as the new money spinner.

The most likely candidates, some pundits argue, are green energies and nanotechnology. But they take years, if not decades, to mature. Besides, they represent a fairly small portion of the overall economy.

The great guessing game of China's next growth engine was officially ended by a host of high-profile government conferences that unveiled the future economic locomotive: the cultural industry.

First it was the 6th Plenum of the Party's Central Committee held last year, which focused on reform of the cultural sector, such as encouraging mergers and acquisitions of media and publishing groups.

Then came the concrete plan announced last week that details the reform package during the period of the Twelfth Five-Year Plan (2011-2015), and holds up culture as the new "pillar industry" for the very first time. Previously it was real estate.

By global standards, a "pillar industry" accounts for more than 5 percent of a nation's GDP. China's cultural market contributed 3 percent to the overall economy last year. And amid the housing miseries, China's economic planners have realized that land sales are unsustainable and can have pernicious effects.