Chinese TV ad battle raises £330m

It doesn't seem to hold the appeal of The X Factor or Who Wants to be a Millionaire? but a live, three-day Chinese gameshow in which companies vie to win TV advertising slots has made a fortune for its network.

Business executives rubbed shoulders with athletes and popstars on the Economic Olympics, which commenced with the firing of a starter pistol and ended after 13 hours of bidding with £330m flowing into the coffers of state-run China Central Television, highlighting the country's advertising boom.

The event raised 27% more revenue this year than in 2003.

This is the 11th year that such an auction has been held - advertising was previously sold at fixed rates - and western companies that traditionally avoided the event were drawn in to the bidding.

Household goods giant Procter & Gamble was crowned "bid king" after spending £24.2m on advertising space for brands such as Head & Shoulders and Pampers.

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