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Investors need to untangle cultural industry of data errors, real understanding of the long-term policy objective Wang Jianhui 17 six plenary session advances the development of cultural industries to the position of more important than ever. Industry estimates that "Twelve-Five" during the cultural industries in the proportion of GDP is expected to more than 5% per cent in 2010 increased to reach $ 3 trillion releasedOutput value of over $ 1.8 trillion (in fact, did not give the industry growth in a central file of schedule). Some even with "United States cultural industries accounted for 20%~25% of GDP" this scary data on the grounds that predicted the enormous room for cultural industry development in China. I feel obliged to clarify data errors, really understand the policy objectives of the long-term, structural changes may haveAnd its significance for investment. United States cultural industry is very developed, 2010 sales revenue of about $, 5.3% per cent of GDP, ahead of wholesale (22.7%), manufacturing (18.6%), retail (13.7%), finance and insurance (12.3%), construction (5.9%) and healthcare (5.8%), The average annual growth rate of 4.4%. United States cultural industries in China 5.558 million people, and similar to the 6 million people in Europe, employment in the country of 3.6% the old republic power leveling, well above the level of domestic 1%. Since 2002, the industry average return on equity ratio maintained between 12%~16%. It includes the performing arts and spectator sports (including various events,Sports teams and clubs), museums and historic sites, gaming and entertainment and leisure, publishing (non-network and electronic), audio-visual productions and television broadcasting (non-network). Industry enterprise into tax and duty free two categories, 75%~80% source of income for the first. From the perspective of sales, publishing, radio, TV, gaming and entertainment and leisure industry-leading sales industryThan 42.3%, and 14.8%, respectively, audio-visual production industry, including the famous Hollywood take (fourth), from the perspective of employment, gambling and entertainment and leisure, publishing, and performing arts and spectator sports the biggest contributor, the employees than the 26.9%, and 7.9%, video, radio and television only and 6%;Growth, performing arts and spectator sports, museums and historic sites, gaming and entertainment and leisure industry revenue grew fairly rapidly, an average of 7%. With our national conditions, in cultural industries relying on endogenous power within 5 years nearly quadrupling, meant that the industry average annual growth for more than 20%, realize it is very difficult. As the central document said, more cultural consumption, improving theConsumption levels are endogenous power of cultural industry development. Bureau of statistics data showed that since 2006 ~2009 year, the national urban and rural residents ' average annual growth in consumer spending and 14.9%, respectively, while such spending including education, culture, entertainment and services growth and 9.8%, respectively, significantly lower than overall consumption growth. The spendingPose, culture, education and entertainment expenses for urban residents in towns than 9.8% per cent of total expenditures, 1.5% less than the 2006; rural residents spend ratio of 8.5%, a down 2006. According to the 2010 Bureau survey on the use of national disposable income, urban and rural residents of the former cultural and educational entertainmentSuch spending and 12.1% percentage than in 2002 and fell by three and 2.89.����Despite containing educational expenditure, but the figures at least cultural entertainment spending in residents ' spending is back in the position and change this situation must be promoted and sustained effort. In the longer term, a substantial increase in cultural industryProportion of the economic and social life, you need to rely on the Government's economic structural adjustment measures and the universal perfection of the social security system. Current whatsoever industry, 10.3% and 43.4%, respectively, greater headroom is the tertiary industry, but the transitions between two or three industries require a longer time. 2005 ~2009 5 yearsInter, second industry fell by only 1.1%, tertiary industries increased 2.9%. The transition policy, driven by industrial restructuring is expected to produce results within 10 years, when the proportion of secondary industries can be reduced to around 40%, the proportion of the tertiary industry, including the culture is expected to rise to 49%. Tertiary industry is also adjusted space 2010Share of the added value of tertiary industry of real estate industry as high as 12.9%, 0.8% higher than the financial sector, second only to the wholesale and retail trade. Real estate pressures and culture of the new deal, encouraged by the new deal star wars the old republic power leveling, part of the flow of resources from the real estate industry to cultural industries. Because of the cultural industry itself broadly defined, boundaries blur, and many related industries will also be "classified" or policy got lightSuch as IT, tourism and other industries.����A central digital publishing for the first time, mobile multimedia, animation game into emerging cultural industries, which not only increases the size of the cultural industries, more investment in related industries added a new theme. From the perspective of urban and rural residents expense structures, education, health care spending about $ 1235 per capita/year, equivalent to 1.6 times the cultural entertainment;By strengthening compulsory education and health care to reduce spending on education and health care, cultural expenditures can increase significantly.����For investors, Government launches and the implementation of the cultural industrial policies will cause this decline of the industry structure and industry, promoting the common prosperity of some industries, investment should therefore be adjusted accordingly. (The author of Southwest securities analyst)