China has announced 16 "film-plus" consumption pilot cities to advance economic and social development by expanding movie viewership and innovating cinema-related spending.
The pilot program focuses on cultivating new growth in film attendance, upgrading cinema consumption models, and expanding the film derivatives market. By integrating the silver screen with broader retail and service sectors, the initiative seeks to turn the popularity of films into a sustainable economic driver. As one of the selected pilot cities, Wuxi in east China's Jiangsu Province has unveiled a promotional campaign to stimulate local consumption through cinema-related incentives for the upcoming Spring Festival, which begins on February 17 this year. The campaign includes 12 million yuan (about 1.74 million U.S. dollars) in movie vouchers, along with 8 million yuan in "film-plus" benefits covering food delivery, dining, hotels, and transportation.
"I intend to see 'Pegasus 3' during the Spring Festival. Upon completion, the ticket stub entitles me to discounts at a designated restaurant. Wishing everyone a joyful and happy new year," said Li Huiru, an audience in Wuxi.
"During the Spring Festival holiday, audiences can claim a 20-yuan discount voucher for a single ticket on designated third-party platforms starting at 10:00 every day," said Ren Yan, an assistant at the marketing department of Wuxi Big World Cineplex.
Meanwhile, Qingdao in east China's Shandong Province has leveraged its large-scale film and television production base, the Oriental Movie Metropolis, to attract a number of major productions, including the "The Wandering Earth" and "Creation of the Gods" film series, for on-location shooting. The film industry has also driven local cultural and tourism consumption, drawing many visitors to "check in" at filming locations.
To further stimulate consumption, local authorities have incorporated movie stubs into initiatives supporting the broader local economy.
"We have launched a series of ticket-stub promotional activities. Consumers can follow the instructions on designated platforms to upload their ticket stubs and generate coupons. These benefits can be used for extra discounts at more than 700 local merchants in Qingdao, including restaurants, hotels, tourist attractions, and shops," said Zhang Xiaoyu, an official with the film division of the Publicity Department of the Qingdao Municipal Party Committee.
China lists 16 pilot cities for "film-plus" consumption to drive economic growth
U.S. stocks ended mixed on Wednesday, with the S and P 500 and Nasdaq Composite rising to fresh all-time highs, as investors remained hopeful about progress toward a U.S.-Iran peace deal.
The Dow Jones Industrial Average fell 0.15 percent to 48,463.72. The S and P 500 added 0.8 percent to a new record close of 7,022.95. The Nasdaq Composite Index rose 1.59 percent to 24,016.02, extending its winning streak to 11 consecutive sessions.
Seven of the 11 primary S and P 500 sectors closed lower, with materials and industrials leading the laggards at declines of 1.3 percent and 1.24 percent, respectively. Technology and consumer discretionary were the top performers, rising 2.08 percent and 1.37 percent.
Stocks have rallied strongly this week on hopes that a deal between the United States and Iran may materialize. U.S. President Donald Trump offered further encouragement, telling Fox Business in an interview on Wednesday that the Iran war is "very close to being over."
Broadcom was among the session's standout performers, rising 4.19 percent after Meta Platforms announced an extension of their partnership to deploy custom chips based on Broadcom's technology.
Meanwhile, the U.S. economy grew at a "slight to modest pace" over the past six weeks, even as consumers faced higher prices and increasing demand for assistance, according to the Federal Reserve's Beige Book released Wednesday. The report, covering the 12 Fed districts, described the Iran war as "a major source of uncertainty" for businesses. Price growth was characterized as "moderate," despite a sharp rise in energy and fuel costs.
"Many Districts continued to report signs of consumer financial strain, increased price sensitivity, and rising demand at food banks and other social service organizations, while spending among higher-income consumers was resilient," the Beige Book stated.
Shares of all the "Magnificent Seven" technology giants ended higher except for Amazon, led by a 7.62 percent surge in Tesla.
Bank of America rose nearly 2 percent and Morgan Stanley advanced 4.52 percent after reporting better-than-expected quarterly results. Goldman Sachs kicked off bank earnings season on Monday, followed by Wells Fargo, JPMorgan Chase and Citigroup on Tuesday.
Snap Inc. surged nearly 8 percent after the company announced it would lay off approximately 16 percent of its global workforce, with its CEO Evan Spiegel citing "rapid advancements in artificial intelligence" as a key factor.
U.S. stocks close mixed with S and P 500, Nasdaq hitting record highs
