Beijing, Nov. 18 (Xinhua) - China on Wednesday launched a fund of funds (FOF) for investment of cultural industry with a target size of 50 billion yuan ( about 7.62 billion dollars), of which 31.7 billion yuan have been raised.

Literally known as fund of funds of the cultural industry in China, the FOF will focus on supporting restructuring, mergers and acquisitions of cultural businesses, facilitating integration of cultural resources and adjustment of industrial structure and promoting the development of high quality cultural industry.

The FOF invests primarily in core areas such as news services and information, development of integrated media and new forms of cultural business and tourism, sports and film industry .

The establishment of the Fund, co-initiated by the Ministry of Finance, is considered a significant movement. In forging a modern cultural industry and develop a socialist culture in China. EndItem

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