Asian countries join forces to tackle world recession

Media industry leaders in Asia have established a 460 million yuan ($67.2 million) fund to combat the global downturn for the next five years.

Initiated by Hong Kong's Salon Films Group and unveiled during the recent Asia Media Festival (AMF) in Singapore, the money will be used to produce a slate of feature films, TV series, animations and interactive games.

Hengdian World Studios, the largest studio facility in China, and Yoshimoto Kogyo, a talent management agency from Japan, are also on board to finance, produce and distribute content from the Asia Pacific region.