The Jiangsu-based publishing giant Phoenix Publishing and Media Group is awarded an honorary title as one of the Top 30 Cultural Companies in China for the 11th consecutive year.

The Jiangsu-based publishing giant Phoenix Publishing and Media Group (PPMG) has, for the 11th consecutive year, been awarded an honorary title as one of the Top 30 Cultural Companies in China. 

The award was a reflection of China's development in the cultural industry sector and the overall strength of involved enterprises. This year's winners have set a positive tone in the domestic market. 

The top 30 realized an aggregated sales revenue and net profit of 416.4 and 45.6 billion yuan respectively, setting records by increasing 10.51 and 8.31 percent year-on-year. 

PPMG has seen publishing remain its core business even while its other sectors are expressing vigor and vitality. 

The announcement was made by two leading cultural newspapers, Guangming Daily and Economic Daily, on the sidelines of the 15th China International Cultural Industries Fair in Shenzhen, Guangdong province, on May 18.