Time Warner, the world's leading media and entertainment conglomerate, is eyeing China's faster market expansion after the government issued a new plan to encourage private and foreign investment in the cultural sector, a senior company executive said on Friday.
Company officials are "particularly interested" in the plan to lower the market access threshold for the entry of private and foreign capital to the cultural fields, and "excited" to learn that multimedia broadcasting, Internet and mobile TV would be promoted actively, said Stephen J. Marcopoto, president of Turner International Asia Pacific Limited, the broadcasting division of Time Warner, at the World Media Summit (WMS).
China's reform and more open policies enabled the world's third-largest economy to form close partnerships with global industry leaders in telecommunications, automobiles, banking and retailing and consumer goods, he said.
However, access has been limited for international participation in the entertainment industry, and partnerships were not made in this area as they were in other leading markets, said Marcopoto.
"We support moves to increase access to international content and media properties in a manner consistent with global norms and look forward to further growth and development to come in this area," he said.
Cooperation, collaboration and partnerships are the "formula for success" in this new age of media, he said.