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Chinese Central Government Supports National Culture Enterprises in Seeking Financing

On October 25, Xinhua was authorized to publish in its entirety the resolution that the central authorities adopted on deepening the reform of the country’s cultural system and promoting the development of "socialist culture." The resolution supports national culture enterprises in obtaining financing in the capital market. The resolution required expediting the development of the culture industry; promoting the culture industry as the foundation of the national economy; developing a core group of major national entities, national share holding culture enterprises, or enterprise groups with strong competitiveness, to allow them to play the leading role in the development of the industry and in market prosperity; speeding up the establishment of mechanisms and systems favorable to cultural development and prosperity; and increasing policy support to the culture industry in financing, taxation, and monetary and land use.

Source: Xinhua, October 20, 2011