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People's Daily Online>>China Business

State foreign exchange bank to lend 3 billion yuan to China's Hollywood


08:57, December 05, 2011

BEIJING, Dec. 3 (Xinhua) -- The Bank of China (BOC) will give loans capped at 3 billion yuan (473.9 million U.S. dollars) to a leading filmmaking base in east China's Zhejiang Province over the next three years, according to an agreement signed between the BOC's Zhejiang branch and Hengdian Chinese Film Industrial Park on Friday.

The move is an extension of BOC's 2010 credit program with Hengdian film park, regarded as "China's Hollywood," and has been labelled another important step in financial institutions nurturing China's cultural industry.

"The BOC will increase financial support to Hengdian film park, and help companies in the park go global by merging, acquiring and cooperating with overseas companies," said Tao Yiqiao, deputy manager of the BOC's Zhejiang branch.

In April 2009, the Ministry of Culture, along with four ministries and administrations, and the Export-Import Bank of China jointly issued a circular which for the first time initiated the marriage between financial institutions and cultural enterprises.

One year later, nine ministries and commissions issued a guideline jointly with the People's Bank of China, China's central bank, to encourage financial organs' lending to cultural industries at national level.

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