A fund of 5 billion yuan (759 million U.S. dollars) has been set up in Chengdu, capital of southwest China's Sichuan Province, in support of musical development.
The fund will be used in three phases. The first phase will see 800 million yuan used to train musicians, bring music festivals and concerts to Chengdu, and attract performing arts agencies to the city.
In the second phase, about 1.2 billion yuan will be spent on buying shares of leading domestic music companies.
The rest of the fund will be spent on creating a music town in Chengdu, which will involve various links of the music industry, ranging from copyrights to performing arts, education and musical training.
Chengdu authorities announced last year that they would support the development of the music industry by offering a series of favorable policies.
"The fund will boost the development of original music," said Xu Xiaofeng from Beida Jade Bird Co. Ltd, which co-established the fund.
