The Construction Bank of China (CBC) signed a cooperation agreement on November 26 with the State Administration of Radio, Film and Television to set up China Cable TV Net, a bank spokesman said.

Under the agreement, the CBC would provide loans, settlement, Internet banking and other services to the Cable TV Information Network Center, which would be responsible for the construction, operation and management of the China Cable TV Net.

In the initial phase of the deal, the CBC will lend 300 million yuan to the center to be used as current capital.

China's various cable TV networks now cover 50 percent of the country's territory and 70 percent of its cities. They boast 80 million customers and 200 million viewers, numbers which continue to increase by 50 million a year. (Xinhua)