China’s transition from an export- and investment-led economy to one based on consumption continues apace.
As incomes rise – they have been growing by 11% a year in urban areas in the past five years – going to the cinema has become increasingly popular, says David Wilder on FT.com. In February, the national box-office take hit $1.06bn, surpassing the monthly US figure for the first time.
At this rate, China is set to become the world’s biggest film market by 2017. This year the annual take is expected to grow by 30% after a 48% increase in 2015.
There’s still plenty of scope for growth in the years ahead. The Chinese have made an average of 1.4 visits to the cinema in the past 12 months; the 2014 figure for North America is 3.7%.