Cultural companies in Shenzhen are to invest 36 million yuan ($5.8 million) to create short films after agreement was reached with organizers of the China International New Media Short Film Festival.

The cooperation will help develop domestic film talents, according to organizers.

"A growing number of companies have developed an interest in short films, which are a rising trend for young directors and audiences," said Xu Wen, vice chairman of the Shenzhen New Vision Group.

According to Xu, the company will develop at least 20 short films for 13 creative teams over the next three years.

The festival, part of the annual China International Cultural Industries Fair, concluded in Shenzhen, Guangdong province on Monday.