China to Admit Foreign Investment into Entertainment Venues

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Last updated at: (Beijing Time) Wednesday, March 26, 2003

China to Admit Foreign Investment into Entertainment Venues

Foreigners will be allowed to invest in China's entertainment performance venues, China Youth Daily reported Wednesday.

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Foreigners will be allowed to invest in China's entertainment performance venues, China Youth Daily reported Wednesday.

Sources with the Ministry of Culture revealed that the ministry is conducting feasibility studies on the matter.

Foreign capital may be permitted to invest in the construction or renovation of performance sites, which could include theaters or cinemas, an official with the ministry said, noting that some pilot projects might be introduced first.

The official said this will be another major change in China's entertainment industry since the country in 2002 abolished all restrictions which only allowed state capital into the performance market.

The official said the would-be change is expected to offset the shortage of money and human resources in China's performance market.

The newspaper said the ministry and cultural administrations at all levels will also further loosen their control over the licensing of domestic entertainment organizations and the approvalof performances.

An official with the ministry was quoted as saying that the past control was somewhat a product of the planned economy and cannot match the development of the performance market.

A brokerage mechanism will be gradually established in the country's entertainment industry, the newspaper said.

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