The current global economy has affected international entertainment technology market tremendously but not China; which is still experiencing buoyant demand. This is in response to General Secretary, Hu Jintao’s call at the 17TH National Congress of Communist Party of China to “promote the development of socialist cultural prosperity,” where the China government strongly believes in continuous investment in infrastructure and development as a way out from downturn. The long-term growth of the entertainment, leisure and performing arts in China is promising especially with many new upcoming projects in pipeline; creating opportunities for businesses in these areas. Projects in pipeline includes:-
1. Western China Area Development
- Chongqing will input an amount worth of USD$56.3 million to build Guo Tai Art Center between year 2010 to 2015.
- Investment amount worth of USD$22 million will be injected for building of Chongqing Citizen Art CENTER
- Chong Recital Studio amount worth of USD$36.8 million
- Entertainment Center Base amount worth of USD$0.9million
2. Central China development
- Shanxi Province will input USD$1.47 billion to build Shanxi Science and Technology Museum, Shanxi Library and Shanxi Grand Theater etc facilities which will occupy 1.1 million sqm. These facilities will cover Culture, Sports, Science and Technology, Hospital and Transportation, etc.
- 1.545 million RMB has been injected to the funding of Taiyuan international Airport New Terminal construction which is projected to be completely by end of 2009.
- A total investment worth 1.6billion RMB has been ploughed into the construction of Shanxi Sports Center in end June09 and expected completion by end of 2009.
- Shanxi Grand Theatre – total investment worth of USD$116 million, comprises 1628 major theatres 1170 concert halls , and 458 Mini theatres is scheduled for completion in 3 years time.
3. Fujian Province will hold 2010 Provincial Game in Pu Tian City
Come next year 2010, Fujian Province will be host to the Provincial Game in Pu Tian City. The city is currently building sports facilities like Tennis Court, Athlete Village, Heavy Athletics Stadium, City Martial Art Stadium. City Swimming Center and City sports Stadium East stand. The total estimated input will be USD$92.65 million. To – date USD$33.8 million worth of project has been completed and the rest will be completed by next year.
4. Hong Kong Disneyland plans to build three new theme areas by 2014
Lawmakers have approved a government plan to spend HK$3.63 billion on expanding Hong Kong’s Disneyland theme park with Walt Disney, boosting the smallest of Disney’s five resorts. In joint statement on Friday, Disney and Hong Kong government applauded the legislative Council’s vote on the plan to build three new theme areas at the park by 2014. Mr Jay Rasulo, chairman of Disney Parks and Resorts, said the company was “eager to begin work” on the expansion Source: Straits Times 12 July 09)
Upcoming Projects in China
World Expo 2010, Shanghai – China’s successful bid for the World Exposition in 2010 will see increased conference and entertainment support will be expected in this six month long event.
Guangzhou Asian Games 2010 - Guangzhou is spending approximately 6 billion yuan to develop new facilities and improve existing facilities to prepare themselves for the 16th Asian Games.
Airport Development - China will spend USS17.4 billion over the next 5 years to build 42 airports and upgrade existing infrastructure.
Shanghai Shimao Wonderland – Estimated to be completed in 2010, the 550,000 square meter Shanghai Shimao Wonderland is the first theme-orientated project that would house a theme park, experience center, exotic resort and a consumption center.