BEIJING, Nov. 18 (Xinhua) -- China on Wednesday launched a fund of funds (FOF) for cultural industry investment with a target size of 50 billion yuan (about 7.62 billion U.S. dollars), of which 31.7 billion yuan has already been raised.
Literally known as China culture industry investment fund of funds, the FOF will focus on supporting the restructuring, mergers and acquisitions of cultural enterprises, facilitating the integration of cultural resources and industrial structure adjustment, and promoting the high-quality development of the cultural industry.
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