China's cultural industry is poised to maintain high growth and grow from a new engine into a pillar of the national economy during the next five years.
Analysis based on statistics suggests the following trends for the sunrise industry in China:
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.
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