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China's best-known cultural industries fair booms

By He Linping, Lv Shaogang (People's Daily Online)

15:44, May 18, 2012

Edited and translated by People's Daily Online

As the first national-level, internationalized and integrated cultural industries fair, the Shenzhen International Cultural Industries Fair (ICIF) has successfully entered the growth stage and become the best-known cultural industries fair in China.

It is an important platform for the exchange and cooperation between Chinese and foreign culture. Since the ICIF was founded eight years ago, it has provided the transaction platform for a total of over 500 billion yuan of cultural projects.

Culture and market

As Wang Rong, member of the standing committee of Guangdong and Secretary of Shenzhen Municipal Committee said, the ICIF has revealed an enormous role in promoting its cultural industries after several years of development.

Why can the ICIF take the important task? In fact, the ICIF has made huge efforts on business transactions.

Looking back on the previous ICIFs, about 700 enterprises had participated in the ICIF in 2004 and the number increased to 1,896 in 2011, with volume of transaction increasing to about 125 billion yuan in 2011 from less than 36 billion yuan in 2004. The great success more stimulated exhibition enthusiasm of the ICIF.

Culture and finance

If the highlight of the previous ICIFs is the great project transactions, the most striking characteristic on recent ICIFs is the capital.

Based on the trading platform of cultural products, the ICIF has paid more and more attention to the functions of attracting business, investment and financing to promote the effective connection between outstanding cultural projects and overseas capital.

On the seventh International Cultural Industries Fair, there are 3,226 investment and financing cultural industries projects from all over the country. Over 400 financial institutions including the China Construction Bank, the Bank of China and China Merchants Bank have found partners on the ICIF, reaching up to 12.5 billion yuan of volume of business transactions. Several days after the ICIF, the volume of investment and financing reached over 70 billion yuan if taking into account the contracts signed on the Internet and at the venues.

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