The 12th Cultural Financial Innovation Conference, focusing on "Financial Empowerment for the High-Quality Development of the Cultural Industry," convened on Friday at the Beijing Cultural Industry Promotion Center, with industry leaders, experts, and representatives in attendance.

Zhou Heping, former minister of the Ministry of Culture and former director of the National Library of China, delivers a speech at the 12th Cultural Financial Innovation Conference held in Beijing on Sept. 22, 2023. [Photo courtesy of Beijing Cultural Industry Promotion Center]

"The cultural industry has enriched society with diverse products and activities in recent years. With our country now placing a greater emphasis on preserving cultural heritage, it is crucial to enhance collaboration between culture and finance. This collaborative effort is essential for the rejuvenation of the Chinese nation," stated Zhou Heping, former minister of the Ministry of Culture and former director of the National Library of China, during his keynote speech at the event.

Zhao Enguo, deputy director of the State-owned Cultural Assets Administration Center (SOCAAC) of Beijing Municipality, highlighted that Beijing, as the cultural center of China, possesses a profound cultural heritage and abundant resource advantages. "In recent years, Beijing has placed the establishment of the national cultural center at the forefront of the capital's development in the new era, mobilizing the entire city's efforts to excel in cultural development. We have taken solid steps towards building a leading cultural capital with Chinese characteristics."

Jing Xiaoyong, chairman of China Oriental Performing Arts Group, emphasized during the conference that for the cultural industry to achieve high-quality development, it requires not only high-level cultural products and corresponding high-quality cultural enterprises but also an advanced cultural financial model supported by technology. This includes the introduction of new cultural financial products and services tailored specifically to the needs of cultural businesses.

He mentioned the group's aspiration to collaborate with financial institutions in establishing specialized cultural and art funds. "Our goal is to mobilize social capital investment, foster partnerships with social capital, diversify investment opportunities, and enhance the market competitiveness and profitability of cultural enterprises. Through fund and capital operations, our aim is to optimize the allocation of state-owned capital, increase its efficiency and value, steer the growth of state-owned cultural sectors, promote high-quality development in the national cultural industry, and strengthen its position as a major economic pillar," he stated.

Chen Hang, president of the China Culture Industrial Investment Fund, shared his perspective on the boom in China's summer film market. While China's film market has experienced a significant resurgence, he emphasized that relying solely on individual film projects for funding won't lead to the growth of a robust film industry. To address the challenge of "difficult film financing," there is a need to explore the establishment of a "completion guarantee system for films," he stressed.

Chen Xuehui, deputy general manager of China ACG Group Ltd., underscored the importance of strengthening theoretical research, formulating policies aligned with the cultural industry's trajectory, producing high-quality content, and staying true to the unique characteristics and market dynamics of China's cultural sector. He also noted that China's digital cultural industry had grown to 1.8 trillion yuan ($247 billion) in 2022, demonstrating significant potential.

"Establishing a comprehensive investment and financing service system for the cultural industry requires a holistic study of the inherent attributes of cultural products, the characteristics of the cultural industry chain, financial attributes, capital applicability, and market laws. This approach will empower the cultural industry through finance," he recommended.

Representatives from China Translation & Publishing House, China Mobile Communications Association Metaverse Consensus Circle, and TheOne.Art hold hands after they sign a strategic collaboration deal at the 12th Cultural Financial Innovation Conference held in Beijing, Sept. 22, 2023. [Photo courtesy of Beijing Cultural Industry Promotion Center]

During the conference, China Translation & Publishing House, China Mobile Communications Association Metaverse Consensus Circle, and TheOne.Art signed a strategic collaboration deal for metaverse cultural development. This three-way partnership aims to digitally enhance the metaverse book series of the publishing house, set a benchmark for the convergence of the publishing sector with the metaverse, establish an industry standard for such integration, and pave innovative pathways for the development of metaverse culture, marking a milestone in the Web 3.0 era.

The conference also hosted two roundtable discussions, inviting insights from leaders and experts in the culture, finance and technology sectors. The first discussion examined the profound integration of culture, technology and finance, providing perspectives on upgrading the digital evolution of China's cultural realm. The subsequent session focused on strategies for attracting capital investment to bolster the cultural tourism sector.

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