China to boost financial support to cultural industries

17:36, April 08, 2010      

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China announced Thursday that it had issued a national policy guideline to upgrade financial support for the country's cultural industries.

The guideline was jointly issued earlier last month by the People's Bank of China, the central bank, the publicity department of the Communist Party of China Central Committee, the finance ministry, the culture ministry, the broadcast watchdog, the publishing watchdog, the banking regulator, the securities regulator and the insurance regulator.

Relevant departments should make joint efforts and tap various financing resources to improve financial services for cultural enterprises, the announcement said.

The guideline called upon financial institutions to develop credit products and establish proper credit grading and evaluating systems in line with the needs of cultural enterprises.

The guideline also urged the establishment of a multi-tier capital market to enhance direct financing for cultural enterprises.

China's State Council, the Cabinet, adopted a plan to promote the country's cultural industries in July last year, calling for more efforts to develop enterprises such as those involving cultural innovation, film production, publication, advertisement, entertainment, exhibition, digital content and animation.

Source: Xinhua


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