On November 27, China Arts & Entertainment Group (CAEG) signed a strategic cooperation pact with the Export-Import Bank of China. This is the first instance of a state policy bank providing preferential financing to a large cultural enterprise, said Xinhua.
Earlier in March of this year, the Ex-Im Bank and the Ministry of Culture signed the Cooperation Agreement on Nurturing Key Export Oriented Culture Enterprises and Projects. According to the agreement, the Ex-Im Bank is to provide preferential financing to China’s culture industry with at least 20 billion yuan or equivalent foreign exchanges within five years.
Parties present at the signing ceremony, according to Xinhua, believe the cooperation will boost CAEG’s international competitiveness, expand its market share, and promote China’s soft power around the globe.
Source: Xinhua, November 27, 2009