Cultural enterprises in Beijing's Dongcheng district are benefiting from easier financing policies amid the district's efforts to build a national cultural and financial cooperation demonstration zone.

According to a 2020-2021 action plan published in September last year, Dongcheng district vowed to solve the problem in pricing cultural resources and make policies related to the cultural industries more innovative and targeted toward those businesses.

Since last year, Dongcheng-based cultural companies including Hengxin Shambala and CTG MICE Service Company have obtained a total of 160 million yuan (US$25.01 million) credit line from banks. 

It took the cultural company Yadi Media 15 working days to receive the approval from the banks after filing loan applications, half of what it would take most companies to apply for financial loans.

Cultural companies had long suffered from financing difficulties and the slow procedures in getting bank loans, as the growth of these companies rely more on intellectual properties, organization, and services, said Fang Xiaoming, financial manager of Yadi Media.

She said her company has benefited a great deal from Dongcheng's related policies and the efficient procedures of the banks.

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