Trade in cultural products and services booms along Belt and Road
China's international trade in cultural products and services has yielded remarkable results with the implementation of the Belt and Road Initiative, China National Radio reports.
China's trade in cultural products and services with foreign countries hit US$88.5 billion in 2016 and overseas trade and investments in cultural industry show robust growth potential, according to statistics released during the 2017 China Beijing International Fair for Trade in Services (CIFTIS).
The 2nd China and Central and Eastern European Countries Cultural and Creative Industry Forum held during this year's CIFTIS was attended by representatives from government and industry in China and 16 countries of Central and Eastern Europe. All of them are important countries along the Initiative.
China is dedicated to promoting cultural cooperation with the Belt and Road countries, said Ding Wei, vice minister of China's Ministry of Culture. As of the end of 2016, China had signed cultural exchange and cooperation agreements with 64 relevant countries and so far China has set up Chinese cultural centers in 11 countries along the Belt and Road, said Ding.
Li Xiaomu, a researcher of cultural trade studies and vice-president of Beijing Foreign Studies University, said, "The Central and Eastern European countries’ demand of China’s cultural products and services is strong. The cooperation which complements each other's advantages can further stimulate the cultural market's potential."
With implementation of the initiative, China's exports in entertainment and advertising services reached US$5.43 billion in 2016, a year-on-year growth of 31.8 percent. Outbound direct investments in sports and entertainment industry jumped to US$3.92 billion, a year-on-year growth of 188.3 percent.
Ivana Garic, advisor to the Ministry of Culture of Serbia, said China is the world's second largest economy and the largest exporter of cultural products. Serbia and China can have cultural resource exchanges at more levels.
