State-owned cultural enterprises post increasing profits

Profits of China's state-owned cultural enterprises hit 84.99 billion yuan (13.52 billion U.S. dollars) in 2011, up 21.7 percent year on year, official figures have shown.

For the first time, the Ministry of Finance (MOF) unveiled figures relating to the country's state-owned cultural enterprises in a "white paper"-like report.

The MOF figures showed that there were 10,365 state-owned cultural enterprises by the end of 2011, with total assets of nearly 1.6 trillion yuan, up 18.7 percent compared with 2010.