China's booming middle class creates opportunities for culture, entertainment industry: business leaders

Source: Xinhua| 2019-04-07 16:39:37|Editor: zh
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NEW YORK, April 6 (Xinhua) -- Boosted by a growing middle class population, China's culture and entertainment industry enjoys broader prospect and is creating enormous opportunities, a group of business leaders from the United States and China said here Saturday.

Chinese society today has a growing appetite for the intellectual strength of art and music, Joseph Polisi, president emeritus and chief China officer at the Juilliard School, a renowned performing arts conservatory in the United States, said at a panel in New York.

Themed "The human connection: China and America in culture and entertainment," the panel is part of the ongoing annual conference held by the Committee of 100 (C100), a premier U.S. organization of Chinese-American leaders from different fields.

The demand of "Chinese audiences are growing in size for western music," he said, adding that Chinese parents have a greater request for orchestral musical training programs resulting in Chinese children being able to engage in sophisticated musical works at a young age.

Polisi, who is also an accomplished bassoonist, said that Juilliard is establishing a campus in Tianjin. Slated to open in fall 2019, the Tianjin campus offers audition-based programs on pre-college and graduate levels.

U.S. businesses have much to gain by accessing the Chinese market with the growth of the Chinese middle class and the emergence of dynamic forces including the nation's Generation Z, small-town and rural dwellers, noted the panelists.

Their growing demand for a better life and high-quality goods will create new business opportunities.

Ben Wood, founder of Studio Shanghai Architectural Firm, who has spent 22 years in China, said bringing popular culture to China through the rapid rise of the middle class is among others behind his business success.

Gong Yu, founder and CEO of China's leading online entertainment platform iQiyi, said his company delivers content to 200 to 300 million users daily, a remarkable achievement made in a span of only nine years thanks to the broader picture of China's rapid development. He is confident that there will be more Chinese culture and entertainment production going global since more Chinese young people are willing to be dedicated in the industry.

Now China is home to the world's biggest middle-income group comprised of some 400 million people, and the number is still on the rise. The country is evolving from the world's workshop to becoming a major consumer of goods and services instead.