Business has shrunk for more than half of the mainland’s entertainment events companies since Beijing launched its austerity campaign this year, the China Business News reported Tuesday, citing Chen Shaofeng, deputy dean of Peking University’s Institute for Cultural Industries, as saying. Chen estimated that nearly 10,000 of these companies have folded as government units have pulled the plug on shows and performances. According to unofficial figures, there are hundreds of thousands of companies across the country organizing performances and support services such as lighting, costumes and logistics. Many of those firms are having to reinvent themselves to find other sources of revenue, the report said.
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