Financial support for small and micro-sized cultural enterprises
Small and micro-sized businesses make up a large part of the cultural industry, and project risk levels are relatively high. Consequently, since 2008 the Ministry of Culture has signed a series of Strategic Cooperation Agreements for Supporting the Development of Cultural Industry with banks including Bank of China and Industrial and Commercial Bank of China. In line with these agreements, the Ministry of Culture has recommended over 100 credit applications in the cultural industry. Clear means, ways, steps and approaches for the financial industry to follow to support the cultural industry’s development and create a favorable environment for funding were set out in March 2010 in Guidance on Financial Support for the Revitalization and Prosperous Development of the Cultural Industry, issued jointly by the Ministry of Culture, the People's Bank of China, and the China Banking, Securities and Insurance Regulatory Commissions.