Financial sector underpins high-quality cultural development in Beijing

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The financial industry has provided strong impetus to Beijing's cultural industry, said Mo Gaoyi, head of the Publicity Department of the Communist Party of China Beijing Municipal Committee, on Tuesday.

Addressing a parallel session of the Annual Conference of Financial Street Forum 2022, Mo said the cultural industry in China's capital city is leading the rest of the country thanks to the support from the finance, science and technology, and tourism sectors, which have provided resources and dynamism for creativity and innovation to empower its high-quality development.

According to statistics, the added value of Beijing's cultural industry accounted for 10.5% of the city's GDP in 2021, 6.2 percentage points higher than the national average.

Mo said the cultural industry and the financial industry in Beijing are mutually reinforcing. Financial support can help increase new market entities, upgrade industrial structures, and breed new business forms in the cultural sector, while the cultural sector can also provide new impetus for the supply-side structural reform in the financial sector, he said.

At the parallel session, Mo said Beijing has recently designated 96 city-level cultural parks, which are home to a large number of cultural enterprises and projects that represent the future of the city's high-quality cultural development.

He also said the city will explore more targeted and innovative financial services to meet the needs of micro, small, and medium-sized cultural enterprises.

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