China has world's largest new media market: report

China has the world's largest new media market, highlighted by the country's growing Internet penetration and a vibrant range of new media applications, according to an industry report published by the Xinhua News Agency on Wednesday.

China has made great strides in pushing development in sectors that are key to the emergence of new media, such as mobile telecommunications and information technology, according to the "Report on China's Rising New Media."

Data from the China Internet Networks Information Center showed that China's online population had reached 564 million as of the end of last year, with the number of mobile Internet users hitting 420 million.

China's Internet penetration rate has exceeded 42 percent and the report expects the online population to reach 600 million in the near future.

The fast expansion of network coverage has fueled a surge in the variety of Internet applications, which range from instant messaging and video-sharing to shopping and banking, as well as social networking, the report says.

The report cited WeChat, the popular instant voice messaging app developed by Internet giant Tencent, as an example of the increasing penetration of new media.

The application has attracted 300 million registered users in just two years.

The growing number of applications will help new media become China's most significant social and information platform, the report says.

Released by Xinhua's New Media Center, which was created at the end of last year to keep up with changing dynamics in the media industry, the report analyzes current conditions and trends in new media.