Zhejiang province unveils an investment corporation for cultural industries in Hangzhou on Dec 11. [Photo/China-blue News]

East China's Zhejiang province established an investment corporation in Hangzhou on Dec 11 to provide investment and financial services for cultural businesses.

An innovative measure to promote the development of the province's cultural industries, the State-owned corporation is expected to integrate different kinds of cultural resources and contribute to Zhejiang's goal of strengthening its soft cultural power and competitiveness.

In recent years, Zhejiang's cultural sector has been developing at a remarkable rate.  In 2017, the value added of its cultural industries reached 374.46 billion yuan ($54.48 billion) with a growth rate of 15.8 percent, representing 7.23 percent of the province's GDP.