Beijing issues 140M yuan in subsidies to support cultural enterprises
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E-mail China.org.cn, December 9, 2022
The Beijing State-owned Cultural Assets Administration Center recently completed the review of the 2022 "Investment and Loan Award" projects, awarding nearly 140 million yuan to 666 cultural enterprises and financial institutions.
According to the Beijing State-owned Cultural Assets Administration Center, 85.66% of cultural enterprises currently face liquidity shortages due to the ongoing COVID-19 pandemic, and 62.89% of enterprises believe that the current financing costs are too high, which will lead to a heavy burden on enterprises.
The "Investment and Loan Award" is an innovative measure in the capital to promote the integrated development of cultural and finance sectors. On one hand, it gives a higher proportion of support to banks issuing credit loans and intangible asset mortgages and rewards guarantee companies; on the other, it increases capital support for equity financing so as to promote the development of equity financing among cultural enterprises.
Beijing Guohua Culture and Technology Financing Guarantee Co., Ltd. is among the companies benefiting from the 2022 "Investment and Loan Award." The company's chairperson, Yu Jing, believes that the policy has effectively boosted the company's enthusiasm to serve cultural enterprises.
Since it was launched in 2017, the "Investment and Loan Award" has issued more than 2.1 billion yuan to nearly 4,000 cultural enterprises and more than 230 financial institutions, reducing financing costs among cultural enterprises by more than 30% on average.
In order to help companies tide over difficulties, the Beijing State-owned Cultural Assets Administration Center, together with relevant units of cultural promotion in various districts, compiled a policy list for easing the difficulties of Beijing's cultural industry, which brings together two municipal-level policies and 10 district-level policies. It also launched a list of financial products alongside several banks and bonding companies designed to ease difficulties in Beijing's cultural industry together, bringing together 44 cultural financial products.
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