China's state-owned cultural institutions reshuffled

(chinadaily.com.cn)
Updated: 2009-11-13 17:34

The launch ceremony of three state-owned cultural group companies—China Oriental Entertainment Group Company Ltd., China Culture and Media Group Company Ltd. and China Anime Group Company Ltd. was unveiled Thursday, chinanews.cn reported.

The three companies were previously state-owned institutions which were reorganized into a modern corporation system recently, marking the first transformation from state-owned institutions to modern enterprises in China's cultural system.

The China Oriental Entertainment Group Company Ltd. merged from the previous Oriental Song and Dance Ensemble and China Song and Dance Ensemble in an effort to integrate entertainment resources. The new company aims to become an equity-diversified entertainment enterprise with a complete industry chain and wide international influence.

The Culture and Media Group Company Ltd., reorganized from the Chinese Culture Daily under China's Ministry of Culture, will diversify its business and apply a stockholding system to be a national comprehensive cultural media company.

The China Anime Group Company Ltd., transformed from a Ministry of Culture-related market-oriented institution. After the reshuffling, it will absorb more investment and adapt a joint-stock system to become a major anime games producer.