Hainan government to set up culture and sports fund

The People's Government of HaiNan Province recently approved the setting up of the Hainan Province Culture and Sports Industry Development Fund with an initial pool of 350 million yuan, the first industry fund of its kind in Hainan province.

The government will allocate RMB 50 million to the fund and plan to draw RMB 300 million from social capital.

60% of the fund capital will be invested in gaming, animation & comic, TV & film production and sports startups in HaiNan Province.

Following the setting up of the fund，Hainan Province expects more social capital will be channeled into its culture and sports industry to enhance their level of development and competitive advantage. 

Hainan Province is the only tropical island in China and the country's largest Special Economic Zone. 

Source ：Hainan Daily

Proofread by Sean O Diobhilin