China has launched a government-backed private equity fund aiming to raise 20 billion yuan ($3 billion) to invest in cultural industries such as media publishing, film and broadcasting, Internet entertainment and leisure, the Shanghai Securities News reported on Thursday.

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The fund plans to raise 6 billion yuan initially, with its four sponsors including the Ministry of Finance and BOC International having already committed a combined 4 billion yuan, the newspaper said.

The fund, which was in touch with potential investors such as the national welfare fund, had already agreed to invest in China Publication Group and Xinhuanet.com, the report said.