BEIJING -- The Ministry of Finance (MOF) has earmarked 5 billion yuan ($786.5 million) to help support the cultural industries.

This year, 850 cultural projects have already received financial support, up 6.25 percent from last year, according to a statement by the MOF.

The funding was mainly used to help integrate new media with traditional media, the MOF said.

The financial support will be made available to more important areas, such as film and television, bookstores, and foreign-cultural trade.

The MOF has provided 24.2 billion yuan in special funding since the initiative began, supporting more than 4,000 cultural projects. The money has played an important role in restructuring and developing the cultural industries, according to the statement.