China targets music industry output of $47 bln by 2020

China aims to build up its music industry, targeting output of 300 billion yuan ($47 billion) by 2020, the state-owned Xinhua news agency reported on Wednesday. The goal is part of China's latest Five-Year Plan, a blueprint for economic and social development between 2016 and 2020. The plan would include cultivating large scale music companies, establishing standards for the industry and encouraging the industry to expand abroad, the State Administration of Press, Publication, Radio, Film and Television told a forum in Beijing, according to the Xinhua report.

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