Shenzhen: The four-day Second China (Shenzhen) International Cultural Industry Fair (ICIF) concluded Sunday, with a total recorded trade volume of 10 billion yuan (US$1.25 billion).

More than 80 per cent of sales were from cultural industries, indicating the fair is shifting from a cultural product display to a trading fair.

A total of 29 provinces, municipalities and autonomous regions sent delegates to Shenzhen.

Guizhou and Guangdong provinces were two largest winners, with contracts signed worth 7 billion yuan (US$875 million) and 4 billion yuan (US$500 million) respectively. Guangxi Zhuang Autonomous Region and Hunan Province also proved particularly attractive.

"With efforts from the organizers, the Guangdong provincial and Shenzhen municipal governments, the fair will be positioned as a major expo in the cultural industry on a par with the established Canton Fair," said Yan Xiaopei, vice-mayor of the city.

Canton Fair, also known as the Chinese Export Commodities Fair, is the largest trade fair in China.

"The second cultural fair is more professional, more market-oriented and more international than the one held last year," she said.

The fair had a total of 4,500 booths and covered an area of 105,000 square meters.

On Friday, a guide to investment and finance projects in China's cultural industry made its debut.

The guide is the first of its kind in China, said Wang Yongzhang, director of the Cultural Industry Department of the Ministry of Culture.

The guide helps domestic and foreign investors find business opportunities in the cultural industry in China, he said.

Over the course of a year, ICIF organizers have compiled a list of 2,076 projects that need investment. The 2006 guide includes 921 projects from 21 provinces, municipalities and autonomous regions across the country, with a total value of more than 70 billion yuan (US$8.75 billion).

These projects are divided into seven categories including publication and circulation, film and television media, performance and entertainment, arts and crafts and cultural tourism.

Since the State Council promulgated its decision on the entry of non-public funds into the cultural industry last August, the development of the industry has become something of a hot topic.

Public debate has led to investment, and according to Wang, this has in turn led to a fresh start for the industry.

However, due to a lack of regulations and policies in some areas, many projects are unable to find funds, while many investors fail to find suitable projects.

The ministry is aiming to solve this problem through the release of the guide, so as to push forward the development of the sector, he said.

Editor: Yan