An investment fund for cultural and creative industrial development was established in China's southwestern metropolis of Chengdu, raising 2.5 billion yuan (364 million U.S. dollars) in its first round, local authorities announced Tuesday.
The fund will cover media, film and television, the creative design industry, recreation, sports and tourism, arts and music, exhibitions, and the advertising industry, said Mu Tao, deputy head of the publicity department of Chengdu, capital of Sichuan Province.
Instead of traditional cultural subsidies from the local government, the fund was aimed at attracting more social venture capitals to the industry to develop its financing channels.
Through the establishment of sub-funds, the scale of the fund is expected to exceed 10 billion yuan, according to Mu.
At the 17th Western China International Fair that opened Thursday in Chengdu, an exhibition of the province's cultural and creative industry has displayed panda toys, arts and crafts from minority ethnic groups, as well as technological innovations including virtual reality games, facial recognition systems, and a 24-hour self-service library.