Beijing Minsheng Art Museum, one of the country's largest private museums, is open to the public with its inaugural show titled The Civil Power. [Photo by Deng Zhangyu/China Daily]

In the past two months, some 2 million Chinese voted online for the pieces of 32 artists on display in the competition section, with the museum providing 500,000 yuan ($80,600) in rewards for the prizes.

Beijing Minsheng is funded by China Minsheng Banking Group. Shanghai Minsheng Art Museum and M21, also in the country's financial capital, are two other museums backed by the same bank.

According to Beijing Minsheng director Zhou Xujun, the museum will focus on contemporary art after the 20th century. It will research the history of Chinese modern and contemporary art and introduce works by international artists from time to time. She says that a foundation will also be set up by the bank dedicated to art and culture.

In the past 20 years, China's private art museums faced a shortage of funds. Beijing Minsheng is also said to have struggled with finances initially and couldn't open to the public earlier.

But Zhou says she is optimistic about the future based on the Chinese economy.

A survey released by Development Forum of China Private Art Museum last year showed that private art museums make up one-third of all art museums in the country. Most of them are funded by real estate companies. So far, Minsheng museums are the only such art hubs supported by a Chinese bank, the survey says.

Wu Weishan, director of the National Art Museum of China, said at the opening ceremony of Beijing Minsheng that public museums and private museums are both important powers in driving China's culture development.

They should complement each other instead of trying to compete, Wu added.

The current Beijing Minsheng exhibition will run through Oct 10.