Home> Events  >  Integrated development of cultural industry and other industries  >  Cultural finance

Smaller cultural firms get helping hand in Beijing

|Updated : 2020-04-21

Beijing has lent a helping hand to the city's micro and small-sized firms from the cultural sector since the COVID-19 outbreak began early this year.

Figures show so far 926 such companies, including 16 travel companies, are entitled to rent subsidies totaling 96 million yuan (13.55 million), the Beijing State-owned Cultural Assets Administration Center (SOCAAC) announced on its website on April 20.

A 40-million-yuan fund will be set up to help more cultural companies get over the hump, and more subsidies via financing such as loans and bond issuance are being planned.

Beijing launched the so-called Fangzutong policy in December to relieve financial burdens on micro and small cultural startups, as rent usually takes up more than 30 percent of their operating budgets, SOCAAC said.

To cultivate cultural industry clusters, the policy prioritizes companies that settle in Beijing's 33 cultural and creative industrial parks, as they can apply for subsidies equaling up to 30 percent of rent, compared to 20 percent for non-settlers.