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Last updated at: (Beijing Time) Tuesday, April 06, 2004

Cultural institutions turned into company

The China Arts and Entertainment Group (CAEG), the first large state-owned cultural enterprise, set its debut on Monday, as a major step to reform culture and art institutions in China.


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The China Arts and Entertainment Group (CAEG), the first large state-owned cultural enterprise, set its debut on Monday, as a major step to reform culture and art institutions in China.

Sun Jiazheng, Minister of Culture, said at the inauguration ceremony that the group was built on the basis of the China Performing Arts Agency and the China International Exhibition Agency, the experimental units of China's reform on cultural system.

Sun said the group company will speed up establishment of a modern enterprise system, create comprehensive industrial chains with the focus on performance and exhibitions while developing various businesses including artworks, publications, audio and visual products, newspaper, TV and Internet.

The company will also try to get listed after establishing the stockholding system, with shares under state control, Sun said.

Zhang Yu, legal representative of the group company, said the CAEG will make efforts to play a more active role in introducing Chinese culture and arts to the world.

The group is funded by the State Council and supervised by the Ministry of Finance in its state property operation. It consists of 19 wholly owned enterprises, two share controlling enterprises and one share holding company.

Source: Xinhua


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