On August 26, China’s State Administration for Radio, Film, and Television (SARFT) and China Eximbank signed a Cooperation Agreement on Supporting and Fostering Key Export Oriented Radio, Film, and Television Enterprises and Projects. Under the agreement, over 5 years, China Eximbank is to provide 20 billion yuan or the equivalent in foreign currency financing support for radio, film, and television enterprises, in addition to multiple financial products and services.
Signers of the deal believe that the agreement, as part of fulfillment of the state’s strategy of Chinese culture “going global,” will help enlarge China’s share of film and TV products in the world market, boosting the nation’s cultural soft power.
In 2009, China sold more than 10,000 hours of TV programming to more than 100 countries, with a total export of US$80 million in film and other broadcasting products and services.
Source: Xinhua, August 26, 2010