From Financial Times:
While China has enjoyed soaring surpluses in many categories of trade in the five years since it joined the World Trade Organisation, one sector stands out as a glaring exception: media and culture.
In China, the likes of Tom Cruise and Steven Spielberg are familiar “in every household”, but Chinese stars are “basically unknown” in Europe or the US, says Zhu Hong of Beijing’s State Administration of Radio, Film and Television (Sarft).
That verdict may be a little harsh, given the success of actresses Gong Li and Zhang Ziyi in big budget Hollywood movies, but there is no doubting the trade imbalance when it comes to cultural products ranging from music to movies.[Full Text]