China's national TV draws $2 bn ad auction bids

Beijing: The
annual advertisement auction by China’s sole national TV station has drawn
record bids totalling 14.26 billion yuan (over $2 billion).
These record
bids by the China Central Television (CCTV) have been boosted by major upcoming
events including the 2012 Olympic Games and prevailing optimism about the
business environment, the China Daily reported.

This year the auction
bids, widely perceived as a barometer of the country’s economic situation, were
up 12.54 percent from last year.

He Haiming, vice-director of CCTV’s
advertising operations and management centre, said the amount of money “set a
record for the 18 years”.

He said notable bidders Tuesday were liquor
makers and e-commerce giants, as well as companies from the food and beverage
sectors. “There was also an increased presence of information technology and
tourism companies,” he added.

According to advertising sources, the
gain, however, might have actually been too modest in the wake of the high
inflation rate and soaring costs in the country.

The auction, the 18th
so far, drew 245 domestic and foreign participants and lasted 12 hours.

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