BEIJING, March 11 Hong Kong-based Phoenix
Satellite Television Holdings Ltd will receive an
unspecified level of financial support from Bank of China Ltd
to boost the development of China's
cultural industry, Xinhua news agency reported on Sunday.
It said the two companies signed an agreement on March 9 to
strengthen cooperation in corporate banking, personal banking
and investment banking businesses.
No financial terms were disclosed.
"BOC will offer high-quality financial services to Phoenix
TV to help it become a world-class media group," BOC President
Xiao Gang said in a statement on the bank's website.
The report said that as of the end of December, Bank of
China, the country's third-largest lender, had extended 32
billion yuan ($5.1 billion) in loans to more than 1,700 cultural
Beijing leaders have made a political priority of increasing
China's so-called "soft power" around the world, in part by
fostering an understanding of Chinese culture and through
multilingual distribution of Chinese media.
($1 = 6.3107 Chinese yuan)
(Reporting by Ken Wills; Editing by Daniel Magnowski)