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The entertainment industry in China is worth an annual US$62 billion (RMB396 billion), according to a new study.

The research conducted by the Oxford Economics consultancy and derived from 2014 data from Chinese government sources, was presented Monday by the Motion Picture Association as part of the US-China Co-Production Film Summit in Los Angeles.

The analysis showed the film and TV industries making a direct contribution of US$23 billion (RMB146 billion) to the country’s gross domestic product. When related spending is included that total expands to US$62 billion.

The tax revenue generated directly by the sector was US$6.15 billion (RMB39 billion), with the taxation from indirect sources rising to US$16.4 billion (RMB104 billion).

Similarly, the film, TV and video sectors employ just short of 1 million people, with the number in related sectors totalling 4.12 million.

“Since the last survey in 2011 we have seen the film and TV sectors grow by 53%,” said Mike Ellis, the MPA’s president and MD for the Asia-Pacific region. “The MPA’s role is to protect and promote local screen communities. These figures show that this is an industry well worth protecting.”