Policy promotes cultural financing
Source: Xinhua |
April 9, 2010, Friday
|
Print Edition
Print Edition
CHINA announced yesterday it had issued a national policy guideline to boost financial support for the country's cultural industries.
Relevant departments should work together to tap financing resources to raise more money for cultural enterprises, the guideline said.
The guideline called upon financial institutions to develop credit products and establish proper credit grading in line with the needs of cultural enterprises.
Eligible cultural enterprises should be encouraged to list while mergers and re-structuring should be encouraged for those which are listed, the guideline said.
The guideline was welcomed after the announcement.
Financing difficulties have become the biggest bottleneck for cultural industries' development, said Wang Yafei, president of Anhui Publishing Group.
The guideline shows the government has recognized the financing problem facing China's cultural enterprises, he said.
It would help fully unleash the productivity of cultural firms, said Han Sanping, chairman of the China Film Group, the country's biggest film producer and distributor.
Cultural enterprises facing high financial risks can't focus on their art, he said.
China's film makers derive 90 percent of their revenues from ticket office. In contrast, the share for their Western counterparts is only 30 percent - the other 70 percent comes from derivative products like toys and music, according to Han.
"This means that China's filmmaking industry chain is not complete and financing for developing derivative products is urgently needed," said Han, adding that his company is actively preparing to go public.
Wang Zhongjun, chairman of Huayi Brothers, one of China's largest film makers, said preferential financing will help ease cultural enterprises' financial risks.
The guideline was jointly issued last month by the People's Bank of China, the central bank, the Publicity Department of the Communist Party of China, the Finance Ministry, the Culture Ministry, the broadcast administration, the publishing watchdog, the banking regulator, the securities regulator and the insurance regulator.
(Xinhua)
Relevant departments should work together to tap financing resources to raise more money for cultural enterprises, the guideline said.
The guideline called upon financial institutions to develop credit products and establish proper credit grading in line with the needs of cultural enterprises.
Eligible cultural enterprises should be encouraged to list while mergers and re-structuring should be encouraged for those which are listed, the guideline said.
The guideline was welcomed after the announcement.
Financing difficulties have become the biggest bottleneck for cultural industries' development, said Wang Yafei, president of Anhui Publishing Group.
The guideline shows the government has recognized the financing problem facing China's cultural enterprises, he said.
It would help fully unleash the productivity of cultural firms, said Han Sanping, chairman of the China Film Group, the country's biggest film producer and distributor.
Cultural enterprises facing high financial risks can't focus on their art, he said.
China's film makers derive 90 percent of their revenues from ticket office. In contrast, the share for their Western counterparts is only 30 percent - the other 70 percent comes from derivative products like toys and music, according to Han.
"This means that China's filmmaking industry chain is not complete and financing for developing derivative products is urgently needed," said Han, adding that his company is actively preparing to go public.
Wang Zhongjun, chairman of Huayi Brothers, one of China's largest film makers, said preferential financing will help ease cultural enterprises' financial risks.
The guideline was jointly issued last month by the People's Bank of China, the central bank, the Publicity Department of the Communist Party of China, the Finance Ministry, the Culture Ministry, the broadcast administration, the publishing watchdog, the banking regulator, the securities regulator and the insurance regulator.
(Xinhua)
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