Profits from state-owned enterprises (SOEs) in the culture industry hit 84.99 billion yuan ($13.52 billion) in 2011, up 21.7 percent year on year, said the Ministry of Finance in a report on December 31, 2012.

The State-owned Cultural Enterprise Development Report 2012, the first white paper on cultural SOEs, showed that there were 10,365 SOEs in the culture industry by the end of 2011, with total assets of nearly 1.6 trillion yuan ($256.64 billion), up 18.7 percent compared with 2010.

Their gross revenue grew 17.1 percent year on year to reach 797.7 billion yuan ($127.95 billion) in 2011.

About 57 percent of cultural SOEs were in the eastern part of China, pocketing nearly 72 percent in gross profits in 2011, far above the total for both the central and western regions.