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Preferential Financing for Cultural Industries; Nine Agencies Issue Joint Directive

The Guidance on the Financial Support of Revitalization, Development, and Prosperity of Cultural Industries was issued on March 26 by nine central party and government agencies including the People’s Bank of China, the Propaganda Department of the Central Committee of Chinese Communist Party, the Ministry of Finance, Ministry of Culture, State Administration of Radio Film and Television, the General Administration of Press and Publications, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission. 

The Guidance is the first ever macroeconomic preferential policy on financing for cultural industries. It requires the financial institutes to actively develop finance products, establish a credit rating system, and provide quality financial services oriented toward cultural industries. It proposes to develop multilevel capital markets for cultural enterprises to directly raise capital, be listed on the stock market, and issue bonds and securities. Venture capital funds, private equity funds, and insurance institutions are also encouraged to invest in or serve the industry. 
Source: Xinhua, April 9, 2010