Cultural industry has already become China's burgeoning force for expanding investment, driving consumption and increasing exports, said Xu Zongheng, Director of ICIF's organizing committee and Mayor of Shenzhen.

The 5th China (Shenzhen) International Cultural Industries Fair (ICIF) concluded on May 18.

Despite impacts from the international financial crisis, the transactions completed during this year's ICIF experienced a notable increase.

As of 2 pm on May 18, the total transaction value reached 87.762 billion yuan, up by 17.53 billion yuan from the previous fair.

Of the total, export turnovers accounted for 8.766 billion yuan, which was 10 percent of the total transaction value.

Information shows that there were 102 cooperation projects signed during this year's ICIF that were worth over 100 million yuan each.

The transaction value of the high-tech cultural enterprises totaled 24.96 billion yuan, making up 28.44 percent of the total transaction value.

This was the first time Taiwan participated in the ICIF. The Taiwan Culture and Creativity Pavilion exhibited contents including artifacts, software design, comic and animation creations, books and publications, and tourism culture.

This year's ICIF also held the 5th Forum on Cultural Development Strategies and the China-Europe Cultural Industry Forum.

Relevant agencies of the Publicity Department of the Central Committee of the CPC and the Ministry of Commerce respectively released the "Annual Report of Reform in Cultural Mechanism (2009)" and the "Annual Report of Imports & Exports of Cultural Products & Services (2009)."

With the theme of "Enhancing dialogue and fostering development," government officials in cultural departments and cultural enterprises from China and the EU participated in interactive dialogues during the China-Europe Cultural Industry Forum.