Wang says the bonded cultural zone will reduce the costs for domestic cultural enterprises in expanding abroad, making their products more competitive in global markets.
The center, costing 5 billion yuan, will cover a total floor space of 510,000 square meters, he says, and its annual turnover is forecast to be more than 50 billion yuan.
Based on the policies of the Tianzhu Free Trade Zone, the cultural base will provide bonded services to domestic and foreign cultural production, transmission and trade organizations.
Wang says the base has already attracted big international companies, including Euroasia Investment SA, Shun Tak Holdings Ltd, Sotheby's Auction House and the Ullens Foundation.
"We hope to attract more international cultural institutions and talent. We will create all the conditions to build this cultural free port in Beijing into Asia's largest trade hub in the cultural sector."
As growth policies are implemented, industry experts believe the prospects for Beijing's cultural and creative industry are promising, but they warn that the city needs to nurture a number of international cultural enterprises and influential cultural figures.
Chen Shaofeng, deputy dean of the Institute for Cultural Industries at Peking University, says that while there are many cultural enterprises in Beijing, "we still need to cultivate some industry leaders to lead the development of China's cultural industries, and to establish a financing platform for cultural enterprises".
He predicts the turnover of Beijing's cultural industry will account for 25 percent of the city's GDP by 2020, meaning the city will have achieved the international status it craves.
Source: China Daily
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