THE Pudong New Area announced it will set up a 1.5 billion yuan (US$226 million) fund in the next five years to “support and stimulate cultural undertakings” in the district.

Pudong will also establish an industrial fund with People.com.cn and put in another 1.5 billion yuan to invest in high quality cultural enterprises in the district.

Pudong government signed a strategic cooperation agreement with Shanghai municipal administration of culture, radio film and TV yesterday, aiming to promote cultural prosperity in the area.