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Cultural zone looks to innovation and financing for growth

By Chen Hong | chinadaily.com.cn | Updated: 2018-09-19 22:31
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The National Cultural Innovation Zone, the first and only one of its kind in China, has optimized its business environment by emphasizing policy innovation, cultural financing, intellectual property and service to promote its development.

The zone, in Chaoyang district of Beijing, issued the first guideline in the capital to help cultural and creative companies to apply to be recognized as high-tech companies so they can benefit from government incentives.

It also set up the country's first credit promotion association, which helps members get loans with their credit and reducing financing costs.

More than 350 cultural companies joined the association, of which 255 received loans of 2.28 billion yuan (332.7 million yuan) using their credit alone, cutting financing costs by 28.3 percent, the administrative committee of the zone said.

It also set up a development fund of 10 billion yuan for cultural and creative industry entities that finance the companies, for example, that focus on the integration of culture with technology, and companies that make a special contribution to the joint development of Beijing and neighboring Tianjin and Hebei province.

In terms of IP protection, the zone has collaborated with the Copyright Society of China and the society's surveillance center as well as the national copyright innovation base to build a complete framework to better protect IP rights.

The zone has also worked with the China Cultural Industry Association to set up the country's first center specially facilitating the joint development of Beijing, Tianjin and Hebei province by providing online and offline services, the administrative committee said.

As a result, the revenue of cultural businesses in the innovation zone grew 15.6 percent to 177.6 billion yuan last year, accounting for nearly half of the district's revenue from the sector and one tenth of the capital's revenue from the sector.

Eighty-eight cultural companies were listed in the zone, and the number of registered cultural companies reached almost 40,000 by the end of July, 2.4 times the number in 2014 when the zone was set up, official figures show.

The zone announced the list for the second group of Hummingbird Enterprises last Friday, a program to nurture quality cultural companies with strong potential and competitiveness. They are expected to be listed companies or industrial leaders in the future.

Under the program a total of 253 companies selected on the basis of their ability to grow and innovate could have half of their guarantee fees and their credit rating fees paid as well as 30 percent to 70 percent of their loan interest payments.

These companies can also obtain subsidies from the innovation zone in other new forms of financing, such as 30 percent interest subsidies by issuing corporate debt, corporate bonds, trust plans, medium-term bills and short-term financing.

Hummingbird enterprises can also receive help with visas relating to foreign professionals they employ.

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