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Ningbo expands financial support to boost cultural development

Updated:2017-06-27 (chinadaily.com.cn)

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Ningbo's cultural development is going to receive more support from the financial sector, according to a matchmaking event held on June 20 between the cultural industry and financial businesses.

More than 200 cultural companies in filmmaking, advertising, publishing and creative design, and over 30 financial institutes came to seek cooperation opportunities. Parties at the event signed 17 investment contracts worth more than 500 million yuan ($73 million) to meet the financial demands of cultural companies.

Ji Chuanhua, chairman of Ningbo Maze Tourism Development Co Ltd, negotiated a loan worth 3 million yuan from the Agricultural Bank of China at the event. Ji said it is usually difficult for cultural enterprises to get large loans from banks.

"This time, thanks to the government's matchmaking work, my company's financial stress will get relieved," he said.

"Culture, as an industry, should have its own way of connecting with the market and capital," said an expert during an address at the matchmaking event.

The value added worth of Ningbo's cultural and creative industries in 2016 was 58.6 billion yuan, accounting for 6.86 percent of the city's GDP. Compared to Hangzhou's 20 percent, there is huge room for growth in Ningbo.

Zhejiang has proposed to build a culturally dynamic province, while Ningbo also announced a plan to develop its culture industry.

The city government has increased attention to the effective combination of culture and capital. In 2014, it was listed as one of the major projects for comprehensive and in-depth reforms. A year later, the government's work report included the building of a demonstration zone to better combine culture and finance.

A series of matchmaking events have been organized under the joint efforts of Ningbo's publicity department, the municipal press and publication bureau, and the Ningbo branch of the People's Bank of China in a bid to strengthen financial support for cultural development.

"We will go to districts and counties across Ningbo in the following days," said an organizer.

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A matchmaking event was held in Ningbo on June 20 to help over 200 cultural enterprises and 30 financial institutes make deals. [Photo/zjol.com.cn]