The bidding for advertising on China Central Television (CCTV) in 2007 concluded on Saturday with the network's revenues hitting 6.79 billion yuan, up 16 percent over last year.

Procter & Gamble, the world's consumer goods giant topped the bidding list for the fourth year running, at 420 million yuan, CCTV announced.

The annual bidding has been hailed as the barometer of the country's economic performance.

"Enterprises can foresee the economic trend in the coming year from the participating brands," said Yao Jingyuan, chief economist with the National Bureau of Statistics

Olympic-related commercials notched up a combined value of 370 million yuan.

"Since the Olympic Games will not open until 2008, it is imperative for enterprises to enhance their brand image in 2007," said Zhang Weiying, professor with the Guanghua School of Management at Beijing University.

Chinese banks and car manufacturers also featured high up on the bidding list in anticipation of fiercer competition from foreign companies next year after the industries are opened up to overseas investors.

"CCTV's advertising charges have been rising in recent years as the Chinese economy maintains robust growth, said Sun Xianhong, vice chairman of Meng Niu Dairy, also a competitive bidder.

"Enterprises are devoting more attention to advertising, with long-term effects influencing their decision-making," he added.

Editor: Wing