Animation and Cartoons: China 1961-1964 Havoc in Heaven This classic animated film marks an achievement for the Chinese animation industry. In this film inspired by traditional Chinese art forms, Sun Wukong embodies the rebellious spirit that has influenced generations of Chinese. Photo:mtime.com

The total output value of China's animation industry is expected to exceed 300 billion yuan ($41.2 billion) in 2023, showcasing the sector's considerable economic gains and market prospects, said Ma Li, president of China Animation Association on Wednesday during a parallel forum covering culture and finance during the ongoing 2023 Annual Conference of Financial Street Forum.

In 2018, the global production value of animation industry reached $250 billion, with output value reaching $500 billion including its derivative industries. Data showed that the output value of China's animation industry grew from 88.2 billion yuan in 2013 to reach 221.2 billion yuan in 2020.

Ma said that the IP license for animation image is an important source of revenue for the industry. The total retail growth of Chinese companies, which rank among the top 20 global authoring agents, increased from $70 billion in 2021 to more than $80 billion in 2022. 

China's domestic animation industry has been integrating with tourism industry too, further boosting the development of the tourism sector. 

For instance, the dining-in orders in Xi'an, Northwest China's Shaanxi Province, from tourists outside of province increased by 387 percent year-on-year after the viral animation film Chang'an San Wan Li, or 30,000 Miles from Chang'an, was released in summer. Bookings for local accommodation from out-of-province visitors recorded a year-on-year increase of 339 percent while the sales of tickets for scenic spots increased by 28-fold on an annual basis. 

Ma highlighted the huge investment potential for the animation industry, adding that it's an industry with the fastest growth rate, the strongest development momentum and the largest investment potential in the global cultural entertainment market. Ma noted that the combination of the finance and creativity will inject strong vitality into China's animation industry.

Sun Shuo, secretary of the Communist Party of China Beijing Xicheng District Committee, said that the district is taking the pan-animation industry as a new industrial development direction and a new economic growth point by implementing a number of supportive measures, such as investing no less than 50 million yuan annually in special funds to support the development of the industry.

Global Times