China Arts Festival Foundation (hereinafter referred to as "the Foundation") is a national public offering foundation headed by People's Republic of China (PRC) and the Ministry of Culture. It was registered by the Ministry of Civil Affairs of the People's Republic of China 1988. The purpose of the Foundation is to raise funds for cultural and artistic development, support and subsidize public cultural activities, promote cultural innovation, guide and develop cultural markets, expand cultural exchanges and cooperation with foreign countries, and promote the prosperity and development of China's cultural and artistic undertakings.