BEIJING: China Central Television is set to receive over 9.26 billion yuan ($1.36 bn; €1.09bn; £917m) in upfront marketing revenues next year, after local companies went head-to-head with multinationals like Procter & Gamble and Coca-Cola in an auction for advertising slots on the state-controlled broadcast network.

The auction process, similar to the upfronts run by US television networks, has been dubbed the "economic Olympics" by some observers.

Total revenues from the sale were up by 15% on last year's total, and reflect both the introduction of a bigger advertising inventory and an increase of some 10% in prices by the broadcaster.

Multinationals were responsible for around 25% of total spending, with local fmcg, finance and insurance companies also said to have featured prominently.

P&G has traditionally been one of the network's biggest clients, while this year marked Coca-Cola's first foray into the auction.

Xia Hongbo, director of CCTV's advertising department, says: "Seeing that China is a most important market for their global business growth, these multinationals always give more money to the Chinese market for brand-building and marketing campaigns in order to take the lead in the market."

Data sourced from Wall Street Journal Online; additional content by WARC staff