China has the world's largest new media market, highlighted by the country's growing Internet penetration and a vibrant range of new media applications, according to an industry report published by Xinhua News Agency on May 15.

China has made great strides in pushing development in sectors that are key to the emergence of new media, such as mobile telecommunications and information technology, says the Report on China's Rising New Media.

Data from the China Internet Networks Information Center show that China's online population had reached 564 million as of the end of last year, with the number of mobile Internet users hitting 420 million.

The fast expansion of network coverage has fueled a surge in the variety of Internet applications, ranging from instant messaging and video-sharing to shopping and banking, as well as social networking.

The growing number of applications will help new media become China's most significant social and information platform, the report says.