Shanghai's Cultural Industry and Implications

Abstract

Shanghai is one of the regions in China witnessing rapid development in the cultural industry, and has high growth potential as well as a strong influence on neighboring areas. The value added of the cultural industry in Shanghai amounted to CNY 194 billion in 2011, surpassing Beijing (CNY 193.8 billion) and coming in fourth after Guangdong Province, Shandong Province and Jiangsu Province. In 2012, the city ranked fifth in terms of the cultural industry’s competitiveness, second in cultural environment and first in market demand. Shanghai is making active efforts to further develop the cultural industry, building industrial complex of cultural industry, establishing the Shanghai Culture Assets and Equity Exchange (上海文化产权交易所) - the first of its kind in China - and hosting the Shanghai International Film Festival. DreamWorks recently joined the growing influx of culture-related foreign companies into Shanghai, deciding in February 2012 to establish Oriental DreamWorks.

Keywords: Culture Industry, Shanghai, Industrial Policy, China