A financial promotion conference was held jointly by the State-owned Cultural Assets Supervision and Administration Office (SOCASAO), Beijing Cultural Investment Development Group and Beijing branch of China Construction Bank, on Sept 18.

The conference focused on solving the cash-flow problems often faced by Beijing’s small and medium-sized companies working in the cultural and creative industries.

SOCASAO has enacted a host of preferential policies for the integrated development of the cultural and financial industries. For example, SOCASAO provides interest rate subsidies for loans taken out by firms –– potentially covering 20 to 40 percent of interest fees. And banks, leasing and guarantee companies and venture capital institutions will be granted prize money if they help meet the financing needs of firms working in the cultural and creative industries.

In addition, SOCASAO has supported the establishment of the National Cultural and Financial Cooperation Demonstration Zone and Beijing cultural innovation development fund. 

China’s first cultural and financial center opens at Laijin Cultural and Creative Industrial Park in Beijing, Aug 28. [Photo/beiao.com.cn]