Official data show that film and television projects valued at 6 billion yuan ($867.54 million) were signed on the sidelines of the news conference.

Zhu Weijie, chairman of Wisart Media Co, said that the company would team up with the Siming government to develop the four-kilometer-long section of Huandao Road as a film shooting location.

Beijing-based Mountain Top Media Group decided to relocate its headquarters to Xiamen from Beijing, along with its affiliated stars' studios. Li Zhiyuan, general manager of the education department at Mountain Top, revealed that Xiamen was chosen primarily due to its culture, climate, location, and local government support.

In late August, the Xiamen municipal government released a slate of policies to advance the development of the film and TV industry, including attracting film and TV businesses, urging the creation and trading of scripts, and encouraging related companies to attend festivals and fairs.

According to the document, outside film and TV companies that choose to move to Xiamen will be entitled to a 100 percent corporate income tax and VAT rebate during the first two years of setting up operations and 80 percent after three years.

The local government will also provide various sorts of cash rewards for companies registered in Xiamen whose products win awards, such as the Golden Rooster Awards, or are broadcast at prime time on top platforms like CCTV.

The cultural industry has seen fast growth in Xiamen in recent years, growing an average of 15 percent per year, official data show. Experts predict that in the next five to ten years, the film and TV industry will contribute around five percent to the city's gross domestic product (GDP), making it a pillar industry in the city.

Xiamen is currently home to a provincial film and TV industry park which accommodates more than 500 film enterprises such as Base FX, a famous international film and TV special effects company.

Founded in 1992, the Golden Rooster festival will take place from Nov 19-23 at the Xiamen International Convention and Exhibition Center. Last year, the roving event took place in Foshan in South China’s Guangdong province.