Source: CCTV.com

04-15-2009 09:03

The global financial meltdown will likely help to develop China's cultural industry and lead it into a period of rapid growth. That's the forecast made by the Blue Book on China's Culture, released by the Chinese Academy of Social Sciences on Monday.

According to the Blue Book, China's cultural industry doesn't correlate very closely to the international market, unlike China's other sectors. And for years, the consumption of cultural products has been kept at a low rate. Meanwhile, the cultural industry has not been export-reliant. Therefore, the impact of the global financial crisis on China's cultural industry has been comparatively limited.

The global financial meltdown will likely help to develop China's cultural industry and lead it into a period of rapid growth.

The book's editor-in-chief, Zhang Xiaoming says the country should allow more Chinese private investment into the culture industry to boost its development.

Last week, the China General Administration of Press and Publication unveiled new guidelines for reforms in publishing. It also established deadlines for publishers to become full-fledged commercial players.

Zhang says it is important to let private publishers join the cultural industry. He says that's because when private capital comes the market will begin to see real changes.

Last week, China's central government introduced a five-year preferential tax policy for cultural companies. Cultural companies are exempt from paying value-added and business tax or import duties between 2009 and 2013.

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Editor:Zhao Yanchen