Updated at 5.45pm, Thursday: China Central Television Station (CCTV), the only national television station of the mainland, earned 2.16 billion yuan (about HK$1.98 billion) for its annual prime time advertising slots auction held in Beijing on Wednesday, an increase of 9 per cent over the previous auction.
Industry analysts said the rising revenue was another sign that the mainland economy is on track to recover from the Asian financial crisis, Shanghai-based Wenhui Daily reported on Thursday.
Bidding prices will be boosted by the mainland's accession to the World Trade Organisation.
More foreign clients were attracted by WTO prospects. Philips and Colgate were represented at this year's auction, following Procter and Gamble's debut last year. Colgate caused a stir at the auction by securing two smaller advertising slots for six million yuan each.
Softdrink giant Wahaha became ''king of bidders'' by spending 93.5 million yuan on one prime time slot. However pharmaceuticals stole the limelight from VCD and DVD producers and liquor distillers that have dominated previous auctions.
Chinese herb medicine producer, Taiji Group, clinched the highly sought-after five-second slot right before the 7 o'clock evening news on the main channel. The firm paid 20.41 million yuan for the slot during first two months of next year.