WEAK DOMESTIC CONSUMPTION
Industry leaders across China called for more reform earlier this month, encouraging more movies that resonate with audiences and to tap the international market.
China continues to face weak domestic consumption that has sunk to record lows.
This sluggish domestic consumption, which accounts for more than half of the country’s gross domestic product, is among the biggest drags in the Chinese economy.
In August last year, China’s State Council introduced new guidelines to boost domestic consumption, including measures to promote films.
Yin Wen Yan, assistant professor at the Seoul Business School at aSSIST University, said the government’s measures to boost domestic consumption are not enough, as they are primarily focusing on the consumption side.
“But actually we need to also address some other more fundamental factors such as supply and competition-related factors,” she told CNA’s East Asia Tonight.
“Consumers actually are not just satisfied with star-driven films, but they are looking for better-quality content.
“The online platforms can provide more convenient and also affordable content, and these are particularly appealing to the consumers, particularly during difficult economic times.”
There is a need to maximise the global appeal of Chinese film, beyond just fostering national identity, she noted.
“Although the Chinese government has been doing a lot to encourage and increase the export of domestic films in the overseas market, I think in order to increase the global appeal of Chinese films, the Chinese government (and) also Chinese filmmakers, may need to change their approach and strategy when developing their films.”
Source: CNA
