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Economists Comment on China
Special> 2010 in Retrospect> Economists Comment on China
UPDATED: January 5, 2011 Web Exclusive
Mei Song:
China's creative industry has become a new economic growth engine


Mei Song, Director of Beijing Cultural and Creative Industry Promotion Center

The development of China's creative industry was also a significant achievement in 2010."China's creative and cultural industries have become a new growth engine for the country's economy," said Mei Song, Director of Beijing Cultural and Creative Industry Promotion Center. Beijing alone now has more than 50,000 creative and culture-oriented companies, with more than 1 million creative professionals. In 2009, the creative industry became a pillar industry only after financial industry by yielding 149.77 billion yuan ($22.62 billion) of added value. In the first half year of 2010, the figure hit 80.43 billion yuan ($12.15 billion), accounting for 12.6 percent of the GDP in the city.

It is estimated that Beijing's creative industry will generate 160 billion yuan ($24.17 billion) by the end of 2010. The city now has focused on exchanges with China's Hong Kong, Macao and Taiwan, designing to find overseas markets.

Mei pointed out that the creative industry has been spurred on by an increasingly strong financial support. On April 8, nine of China's financial and cultural bodies, including the People's Bank of China and the Ministry of Culture, came together to create a set of policies that would help to develop the industry even further.

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