April, 15, 2010

The Ministry of Culture held a teleconference with representatives of government, financial institutions and major creative enterprises on April 14 to encourage financial support for China's emerging cultural industry.The Ministry, along with the CPC Publicity Department, People's Bank of China, Ministry of Finance, State Administration of Radio Film and Television (SARFT), General Administration of Press and Publication, China Banking Regulatory Commission (CBRC), China Insurance Regulatory Commission (CIRC) and China Securities Regulatory Commission (CSRC), were following up a March 19 instruction to the financial sector to provide financial support to the cultural industry.

China's cultural industry has seen continuous growth of 15 percent per year since 2004 and the financial crisis barely affected its momentum. But most creative enterprises, especially small and medium concerns, find it difficult to obtain credit.The meeting committed both government and financial organizations to developing financial products suitable for cultural industry and increasing loans to creative enterprises. Credit will be made available to viable and profitable companies, to finance supply chains and promote mergers.

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