In an effort to further develop the cultural industry, China has set up its first state-level investment fund with this focus, according to Adam Roseman of ARC Investment Partners.

Aiming to raise 20 billion yuan, or $3.1 billion, the China Culture Industrial Investment Fund was launched by the Ministry of Finance and three other companies.

“The cultural industry still lacks vitality and companies find it hard to raise funding and invest in others; the fund is intended to ease these problems,” explained the Vice-Minister of Finance Li Yong.

The China Culture Industrial Investment Fund is one of many new investment funds in the field. Venture capital and private equity companies are also taking interest in the cultural sector.

“The market is full of potential but many cultural companies are not competitive enough to thrive. That’s why culture has to marry industry to make itself big,” Yu Feng of the Yunfeng Fund said.