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Song Wenyu: More than 20 provinces have set up special funds for culture industries

According to Xinhua on April 22, 2010, the People’s Bank of China in conjunction with the Propaganda Department of the CPC Central Committee, the Ministry of Finance, the Ministry of Culture, the State Administration of Radio Film and Television, the General Administration of Press and Publication, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission jointly issued a “Guidance on Financial Support to Culture Industries’ Revitalization, Development and Prosperity.”

Song Wenyu, director of the Culture Division at the Ministry of Finance, told Xinhua that currently more than 20 provinces around the country have set up special funds for culture industries. The special funds will be used to build national culture industry bases, nurture state-owned large enterprises and support reconstruction of culture organizations – changing non-profit culture institutions into profitable culture enterprises.

Source: Xinhua, April 20, 2010