China to More Than Double Entertainment Industry

China plans to more than double the value of its entertainment and other cultural industries to nearly three trillion yuan, or roughly $460 billion US dollars, within the next five years.

Beijing will expedite bank loans and facilitate public listings for companies involved in film and television production, live entertainment, as well as gaming and publishing.

According to Sun Zhijun, director general of the Office of Central Leading Group for Reform of Cultural Systems, China's entertainment market revenue was estimated at 1.3 trillion yuan, or about 200 billion US dollars last year. And he added that the cultural industries are a new growth point of the national economy.

Focus on the entertainment industry comes as Chinese leaders aim to expand domestic consumption in an effort to reduce reliance on exports.

Growth of the film industry, a government priority in recent years, has played into a broader scheme.

The number of locally produced films shot up 15% in 2010 from a year earlier, to over 500 films, according to media research firm EntGroup . China's film industry generated revenues of around 10 billion yuan in 2010, up from 6 billion in 2009.

Emphasis on film and television expansion will remain a priority. The government also aims to spur industry expansion in videogame and digital book production.