China’s state-run news agency has leased one of the highest-profile advertising locations in New York’s Times Square in an effort to burnish the country’s reputation, Reuters reported. Starting Monday, Xinhua News Agency will take over a 60-foot high by 40-foot wide sign on the north end of the square that was previously used by HSBC Bank (HBC.NYSE, 0005.HK, HSBA.LON). About half a million people pass through the area every day. Like the promotional video that Xinhua aired in the square and on CNN during Hu Jintao’s state visit in January, the ad aims to build China’s brand in the US. A Pew Research Center report that was released earlier this year found that 43% of US citizens see China as a “serious problem.” The company that leased the ad space to Xinhua, Sherwood Outdoor, has been targeting Chinese companies for several years and hopes for more after Xinhua, said Brian Turner, Sherwood’s president.