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China's cultural industry reports falling revenue as virus hurts business

(Xinhua)    09:52, May 04, 2020

BEIJING, May 3 (Xinhua) -- China's cultural industry reported falling revenue in the first quarter of the year as the COVID-19 epidemic hurt business activities, official data showed.

The sector's combined revenue amounted to 1.69 trillion yuan (about 239 billion U.S. dollars) in the first three months, down 13.9 percent year on year, according to the National Bureau of Statistics (NBS).

The bureau tracks around 59,000 cultural companies across sectors including cultural services and cultural manufacturing with annual revenue of more than 20 million yuan or those meeting other standards listed by the NBS.

In a bright note, sectors with emerging models led by "Internet Plus" cultural businesses saw revenue rise by 15.5 percent to 523.6 billion yuan during the period.

The country's more developed eastern region continued to lead cultural consumption, contributing 75.4 percent of the sector's total revenue.

China is planning to develop its cultural industry into a pillar of the national economy by upgrading its industrial structure, fostering major brands and boosting consumption.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Xian Jiangnan, Bianji)

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