China on Wednesday launched a fund of
funds (FOF) for cultural industry investment with a target size of 50
billion yuan (about 7.62 billion U.S. dollars), of which 31.7 billion
yuan has already been raised.
known as China culture industry investment fund of funds, the FOF will
focus on supporting the restructuring, mergers and acquisitions of
cultural enterprises, facilitating the integration of cultural resources
and industrial structure adjustment, and promoting the high-quality
development of the cultural industry.
FOF will mainly invest in core areas such as news and information
services, integrated media development, and new forms of cultural
business, as well as tourism, sports and film industry.
establishment of the fund, co-initiated by the Ministry of Finance, is
considered a significant move in forging a modern cultural industry and
developing a great socialist culture in China.