Internet media base settles in Shanghai

Edited and translated by People's Daily Online

The State Administration of Radio, Film and Television (SARFT) signed a cooperation agreement with the Shanghai Municipal Government on Dec. 1 at the opening ceremony of the China (Shanghai) Internet Audio-visual Industry Base, the country's first national-level internet audio-visual industry base.

The SARFT and the Shanghai authorities will strive to build five listed companies at home and abroad with a combined market capitalization of more than 5 billion yuan and an annual output value of 5 billion yuan in five to 10 years.

In addition, they will make efforts to form the base into a world-class facility with an annual output value of more than 10 billion yuan. The Internet audio-visual industry is believed to be the next major growth sector of the Internet industry.