Shaanxi Cultural Industry Investment Holding Company was officially established in Xi'an recently. Information shows that this is currently the nation's largest cultural investment company.

The cultural investment company has a registered capital of 2.2 billion yuan, jointly invested by the cities of Xi'an, Yan'an and Yulin, as well as Shaanxi Provincial Investment Group Company. It is a large-scale state-owned cultural investment holding enterprise.

In addition to business operations in areas of the traditional cultural industry such as film and TV, performing arts, cartoons and animation, cultural tours, publishing and media, broadcasting and the Internet, the company will also conduct strategic investment, financing and venture capital in the construction of cultural parks and major cultural industry projects.

In the next three years, the cultural investment company plans to attract 10 billion yuan of finance to integrate the cultural resources in Shaanxi. The first project this year will be the transformation project of the cultural and commercial street Wenyi Road in Xi'an. The company will invest over 3 billion yuan to build a performing arts base in Shaanxi, making it "Broadway" in China

A culture and art center will open to the public including Xi'an Concert Hall, Qujiang Art Museum and a cinema on Oct. 1, 2009. In addition, a classic "red" travel route connecting Xi'an, Yan'an and Yulin will be constructed in 2010 and the construction of the Daming Palace National Heritage Site Park will be completed, too. In 2011, the company will also participate in the construction of an ecotourism area on the northern slope of the Qinling Mountains.

The cultural investment company will pay special attention to meet the needs of Xi'an Western Movie Group, Qujiang Film &TV Group and Shaanxi TV Series Production Center. It will also pay attention to the capital brought in by the separation of production and broadcasting in television stations at provincial and municipal levels.

It will support the Shaanxi Daily and the Xi'an Daily to establish a newspaper group and actively participate in the transformation of provincial and municipal press from institution to enterprise. It will also build a platform of investment to advance the development of private cultural enterprises.

Editor: Xie Fang

Source: People's Daily