Shanghai moves to improve development of cultural industries

Shanghai announced on March 31 a series of new initiatives to speed up the development of its cultural industries.

The city will encourage traditional cultural institutions such as publishing houses, TV and live show production companies to promote the development of new web-based industries such as online streaming, e-publishing, online games, as well as music and video platforms.

Shanghai has also pledged to build the city into an international center for film and TV productions, a trading center for artworks and antiques, and a center for fashion, design and creative branding.

To help these industries' development, the city plans to improve its financial services, introduce new investment funds for cultural and creative sectors, and speed up its construction of 5G infrastructure.

The city's cultural industries achieved steady development last year despite the COVID-19 pandemic as Internet-based service and information industries made good progress and accounted for more than 28 percent of the combined incomes of the culture and creative sectors, according to the municipality.

Shanghai has awarded 149 cultural industry parks, 16 buildings and 28 creative spaces for their outstanding contributions to the industry.