Beijing Municipality has cut a total of 130 million yuan (about $18 million) in rent for local cultural enterprises in 48 industrial parks, as the city continues to promote the high-quality development of companies in the cultural sector amid the epidemic.

Loan renewals, extensions, as well as special subsidies will also be provided to cultural enterprises in need.

Since the start of the COVID-19 outbreak, Beijing has stepped up its support for industrial parks and enterprises in the cultural sector. Back on Feb. 19, the city introduced 28 favorable policies. In addition, a trial document on the management and assessment of cultural industrial parks amid major public health emergencies was also released recently.

The city's publicity department will soon start the assessment work and provide fiscal support for public services in these industrial parks.

The Beijing Culture Equity Exchange (BCEE), the city's platform for cultural and financial services, has also put forward several measures in an effort to ensure the smooth running of the relevant application system and customer services. The BCEE has also provided policy advice and launched online events on the financing difficulties facing cultural enterprises.

According to Xiang Xudong, vice head of the publicity department for Dongcheng district, a total of 24 million yuan in funding has been issued to support 46 cultural businesses in the district, 35 of which are classed as micro-, small- and medium-sized enterprises.

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