(Yicai Global) Jan. 6 -- State broadcaster China Media Group has formed a new unit dedicated to cartoon creation and plans to release 20 television shows and films in order to build a portfolio of intellectual property.

CMG held a founding ceremony for CCTV Animation Group in Beijing yesterday, the Economic Daily reported. The event showcased some of the upcoming cartoons, including made-for-TV spins on classic Chinese novels Journey to The West and The Romance of The Three Kingdoms, and movies named Legend of the Silk Road: The Great Chart and The Adventures of Panda Hehe.

The company intends to build an animation IP ecosystem with global clout, CMG President Shen Haixiong said at the ceremony, adding that he hopes the unit will become the national face of the animation sector and be a driving force behind the sharing of Chinese culture overseas.

The new unit replaces the 2007-founded CCTV Animation, which was 100 percent owned by CMG subsidiary CCTV and has CNY120 million (USD17.2 million) in registered capital.

Editor: James Boynton