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Cultural industry adds 840 bln RMB in value


9:59 am
July 30, 2010



posts 215

The added value of the mainland's cultural industry amounted to 840 billion RMB(124 billion USD) last year, up 10 percent over 2008, cultural industry department director Li Xiaolei with the Ministry of Culture said Thursday (July 29).

The cultural industry had outstripped GDP growth since 2004 and had helped maintain economic growth in recent years, Li said at a promotional meeting of mainland cultural projects at the Hong Kong Convention and Exhibition Center in Wan Chai.

"Although the mainland cultural industry is just in its early stages, growth of the industry was significant particularly in the recession,"  said King Wai Chan, chairman of the Hong Kong China Chamber of Commerce.

The total value of publishing on the mainland increased by 20 percent last year. Incorporating areas such as the Internet, mobile phones, animation, online gaming and digital, the total value of the industry came to more than 75 billion RMB last year, a 42-percent increase over 2008, Chan said.

"With the support of the Central Government, the mainland cultural industry is a big potential market for Hong Kong investment and cooperation,"  Chan said.

More than 100 cultural projects were promoted during the demonstration, seeking financing and investment opportunities. Mainly from Guangdong and Sichuan provinces, they included entertainment production, publishing, advertising, movies, cultural fairs, digital content and animation.

General manager of the China (Shenzhen) International Cultural Industry Fair Co., Ye Jianqiang, introduced the annual cultural event to Hong Kong investors.

"There has been much successful cooperation between the mainland and Hong Kong in the cultural industries, particularly in movies and cinema projects," he said. Ye said he hoped more Hong Kong cultural companies would join the market and help each other develop on an international scale.


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