With China’s continued economic growth and the preparation for the 2008 Olympics in the background, two of the country’s primary internet companies have been working on ways to expand their advertising take.

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—Seeking to cement its dominance over western rivals Yahoo (NSDQ: YHOO) and Google (NSDQ: GOOG), Chinese search engine Baidu (NSDQ: BIDU) has created its own online video ad agency, the WSJ reports. Baidu will be able to place video ads on roughly 160,000 websites in Asia, through existing ad agreements with the company, with the promise of reaching 140 million web users.

—Marketwatch: As Baidu tries its hand at video ads, Chinese portal Sina (NSDQ: SINA) is looking to monetize its blog network. Marketwatch says that starting in October, Sina will open its blogger network, which receives about 200 million daily pageviews, to advertisers.The program will be available to 3,000 of Sina’s bloggers.

—Meanwhile, Shanghai-based Synacast Media‘s P2P video network PPLive has received more than $10 million in its third round of funding, from Draper Fisher Jurvetson and Dragon Venture. PPLive had previously raised money from Softbank China Venture Capital and Nokia’s (NYSE: NOK) BlueRun Ventures. More here.