China’s richest man showed the youth the road to fortune as he predicted the country’s three most profitable industries in the next decade.
Entertainment, Sports and tourism are the most promising industries in China that will see substantial growth in the coming years, said Wang Jianlin, chairman of real estate and investment conglomerate Wanda Group via the company’s official WeChat account recently.
China’s economy grew by 6.9 percent in 2015, the slowest rate in 25 years. The world’s second-largest economy has entered a new era of muted growth as China is shifting its growth model from low-end exports to consumer demand and innovation.
Wang rejected the idea of a hard landing for China’s economy, saying that "the main reason is there is vast demand for the service industry."
Not running a restaurant or being a tailor, but modern service industry like entertainment, said the 62-year-old adding that the entertainment has registered over 40 percent growth for six straight years.
Wanda acquired Hollywood studio Legendary Entertainment for $3.5 billion earlier this month, the largest Chinese buyout of a US media company ever.
Wang has also bought the organizer of Ironman extreme endurance contests, Swiss sports marketing group Infront, and a 20-percent stake in Spanish football club Atletico Madrid.
There is huge potential in sports as more Chinese people are concerned about their health. Those who have knowledge of sports marketing and sports media are most coveted in job market.
With rapid expansion in China’s property sector coming to an end, Wanda injected more than 6 billion yuan ($967 million) into LY.com, the biggest single investment ever in a Chinese online tourism firm, in July. Wang said the future tourism industry will integrate offline resources with online platforms, which is the O2O model.
Despite taking a hit during China's stock market turmoil last year, Wang still eclipsed the likes of Alibaba's Jack Ma to rank as the country's richest person, with personal wealth estimated at roughly $30 billion.
Wang said his next goal is to carve out a way to help China’s poverty-stricken population make money. He has launched a pilot program in Danzhai county of Guizhou province, where the annual per capita income is less than 2,700 yuan.