Furthermore, the authorities hope to capitalize on the future success of Guanglaiwu as an important tourist attraction. The Foshan Municipal Government and China Construction Bank Guangdong Branch will jointly create a special investment fund worth 5 billion yuan ($720 million) to support the Guanglaiwu project and urban construction in the city.
The deal should be considered a significant step for Guangdong in its endeavor to boost its film industry. The achievement echoes President Xi's keynote speeches aimed at promoting the development of China's culture industry.
Zhu Wei, the city's mayor, is certainly hopeful about the development and believes it will make Foshan residents proud.
"Foshan is one of the birthplaces of Cantonese culture and we will redouble our efforts to promote Guangdong's culture industry," he said. Foshan is a famed historic city and has been the birthplace to many cultural figures including Wong Fei-hung, an expert in the Hung Ga style of Chinese martial arts and Ip Man, a master teacher of Wing Chun.
The city also enjoys a strong reputation for its film studios and other contributions to Chinese culture such as Cantonese Opera, Kung Fu, and pottery.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/foshan-launches-chinas-hollywood-300383378.html
SOURCE Information Office of Guangdong Provincial Government of China