The Prosperity and Development of the Cultural Industry Provide Strong Support for Economic Growth and Stability
In recent times, the cultural industry has been experiencing a period of rapid growth and prosperity, providing strong support for stabilizing the country’s economy, consumer demand, and employment. According to Guo Liyan, director and researcher of the Comprehensive Situation Office of the Policy Consulting Department of the China Institute of Macroeconomics, the positive factors and favorable conditions supporting the prosperity and development of the cultural market have increased significantly.
The first three quarters of this year saw a significant increase in per capita consumption expenditure on education, culture, and entertainment, with cultural and entertainment expenditure growing by more than 40% year-on-year. Additionally, enterprises in the cultural and related industries achieved operating income of 9.2 trillion yuan and total profits of 750.8 billion yuan, marking a 7.7% and 31.4% increase respectively compared to the same period last year. The circulation of the cultural market has been smooth, and cultural enterprises have experienced accelerated operating efficiency and consumption upgrades.
The development of the cultural industry also plays a crucial role in stabilizing growth and employment. The operating income of China’s cultural service industry accounts for more than 50% of cultural enterprises above designated size, achieving revenue growth of 14.6% year-on-year, significantly faster than the overall level of the service industry. Furthermore, the industry has a significant employment potential, particularly in entertainment, tourism, health, and leisure sectors.
The essence of cultural development lies in innovation, and digital and intelligent technologies are injecting new vitality into the cultural service industry. New business formats have become increasingly prominent, with revenue growth of digital publishing, Internet entertainment platforms, multimedia games, and animation reaching or exceeding 20% year-on-year.
Looking towards the future, Guo Liyan emphasized the need to accelerate the transformation and upgrading of the cultural industry guided by cultural consumption demand. It is crucial to enhance cultural confidence, promote high-end, intelligent, and green cultural manufacturing industries, relax market access to stimulate endogenous motivation, and enhance the linkage effect between the domestic and international markets.
Overall, the prosperity and development of the cultural industry are expected to provide more solid and powerful cultural conditions for the comprehensive construction of a socialist modern country. The key is to ensure that the Party Central Committee’s instructions on cultural construction are implemented, and the development momentum of upgrading cultural consumption and improving the quality and efficiency of the cultural industry continues to be consolidated.