Central Propaganda Department China People's Bank Ministry of Finance Ministry of Culture General Administration of Radio, Film and Television Press and Publication CBRC CIRC
Guiding Opinions on Financial Support for the Revitalization, Development and Prosperity of Cultural Industries
Yinfa [21] No.94
Propaganda Departments of Party Committees of all provinces, autonomous regions and municipalities directly under the Central Government, Shanghai Headquarters, branches, business management departments and city center branches of People's Bank of China, Provinces, autonomous regions and municipalities directly under the central government, finance departments (bureaus), cultural departments (bureaus), radio, film and television bureaus, press and publication bureaus, banking regulatory bureaus, securities regulatory bureaus, insurance regulatory bureaus, policy banks, state-owned commercial banks, joint-stock commercial banks and China Postal Savings Bank:
In order to implement the Notice of the State Council on Printing and Distributing the Plan for Revitalizing Cultural Industries (Guo Fa [29] No.3), To support the revitalization, development and prosperity of the cultural industry, the following guiding opinions are put forward:
1. Fully understand the significance of financial support for the development of the cultural industry
(1) The rapid development of the cultural industry urgently needs the strong support of the financial industry. Finance is the core of modern economy. In the process of building a well-off society in an all-round way and speeding up modernization, finance plays an important role in guiding the allocation of resources, regulating economic operation and serving the economic society, which plays an important role in the sustained, healthy and stable development of the national economy. The cultural industry is an important part of the national economy. In recent years, the central government has implemented important strategic arrangements and policy measures, deepened the reform of the cultural system and accelerated the development of the cultural industry. The cultural industry has shown a good development trend and is becoming a new growth point of economic development, playing an important role in maintaining growth, expanding domestic demand, adjusting structure and promoting development. Strengthening financial support for cultural industries and promoting the connection between cultural industries and financial industries are the needs of cultivating new economic growth points, promoting cultural development and prosperity, improving national cultural soft power and maintaining national cultural security. All financial departments should take actively promoting the development of cultural industry as an important strategic task, as an important direction to expand business scope and cultivate new profit growth points, vigorously innovate and develop credit products suitable for the characteristics of cultural enterprises, strive to improve and enhance the level of financial services, and promote the sound and rapid development of China's cultural industry.
second, actively develop credit products suitable for cultural industries and increase effective credit supply
(second, promote diversified and multi-level credit product development and innovation. For cultural enterprises that are in a mature stage, have a stable business model and good economic benefits, priority should be given to credit support. Actively carry out supply chain financing for upstream and downstream enterprises, support enterprises to carry out M&A financing, and promote industry consolidation. For enterprises with stable logistics and cash flow, loans pledged by accounts receivable and warehouse receipts can be issued. Enterprises that lease performing arts, exhibitions, animation, games, collection, processing, production, storage of published content, publication logistics, printing and reproduction, production, transmission, integration of radio, film and television programs, film projection and other related equipment can issue financial leasing loans. Establish an evaluation system for intangible assets of cultural enterprises to provide guarantee for financial institutions to dispose of cultural intangible assets. For enterprises with high-quality trademark rights, patents and copyrights, the scope of application of pledge loans for income rights can be gradually expanded through rights pledge loans.
(3) actively explore a variety of loan models suitable for cultural industry projects. For cultural enterprises with large financing scale and many projects, commercial banks are encouraged to provide financial support in the form of syndicated loans. Explore and improve the risk sharing mechanism of syndicated loans, strengthen cooperation among financial institutions, and effectively reduce the credit risk of individual financial institutions. For small and medium-sized cultural enterprises in industrial clusters or industrial chains, commercial banks are encouraged to explore ways to provide financial support such as joint insurance and loans.
third, improve the credit model, strengthen and improve financial services for cultural industries
(iv) improve the interest rate pricing mechanism, and reasonably determine the loan term and interest rate. On the basis of the principles of risk control and business sustainability, all financial institutions should establish a flexible differentiated pricing mechanism that meets the regulatory requirements according to the actual situation of enterprises with different cultures. According to the cycle characteristics and risk characteristics of some cultural industry projects, financial institutions can scientifically and reasonably determine the loan term according to the capital demand and cash flow distribution of the project cycle. For cultural industry projects or enterprises listed in the key support of national planning, financial institutions may appropriately extend the loan period on the basis of effectively preventing risks.
(5) Establish a scientific credit rating system and business evaluation system. In the process of determining internal rating elements and designing internal rating index system, rating model and scoring standard, financial institutions should fully consider the characteristics of cultural enterprises and establish and improve scientific and reasonable credit rating and credit scoring system. It is necessary to fully learn from external rating reports and establish a rating system combining internal and external ratings. It is necessary to further improve and perfect the business evaluation procedures and methods, establish an evaluation system specifically for cultural industry financial services, combine strengthening credit risk management with actively promoting the development of cultural industries, and establish a positive incentive mechanism. On the basis of the implementation of work responsibilities and assessment of overall quality and comprehensive returns, the relevant responsible persons shall be investigated or exempted from the corresponding responsibilities for the loan projects of small and medium-sized cultural enterprises according to the actual situation and relevant regulations, so that those who are conscientious are exempted from liability and those who are dereliction of duty are held accountable.
(6) further improve and perfect the financial services for cultural enterprises. All financial institutions should enhance their service awareness, set up expert teams and specialized service departments, and actively provide high-quality financial services to cultural enterprises. For cultural enterprises and projects supported by the state, it is necessary to optimize and simplify the approval process and improve the efficiency of loan approval. On the premise of meeting the access standards of credit customers of financial institutions, credit support can be given to enterprises that hold training and personnel who receive training. Banking financial institutions and non-bank financial institutions should actively strengthen cooperation, comprehensively use a variety of financial services and financial products, launch a package of financial services that integrate various tools such as credit, bonds, trusts, funds and insurance, and do a good job in connecting the financing methods of cultural enterprises from the initial stage to the mature stage.
(7) actively develop credit products for cultural consumption and provide convenient payment and settlement services for cultural consumption. All financial institutions should actively cultivate the consumer credit market of cultural industries, and constantly meet the multi-level consumer credit demand of cultural industries through innovation of consumer credit products. By developing consumer credit varieties such as installment payment, we can expand the comprehensive consumer credit for performing arts and entertainment, exhibition tourism, arts and crafts, animation games, digital products, creative design, publishing products and services such as books, newspapers, audio-visual products, electronic publications, online publishing, digital publishing, printing, copying and distribution, and high-definition television, paid radio and television, mobile multimedia radio and television, and film products. Strengthen the promotion of online banking business and improve the application level of online payment in software, network and computer services, design services and leisure and entertainment industries. Give further play to the role of the People's Bank of China's payment and clearing and credit information system, speed up the improvement of the credit card environment for bank cards, promote credit card consumption in industries such as culture and entertainment, radio, film and television, press and publication, travel advertisements, and art transactions, and promote the prosperity and development of the cultural market.
(8) continue to improve the foreign exchange management of cultural enterprises and improve the convenience of trade and investment in cultural industries. Facilitate the cross-border investment of cultural enterprises, meet the reasonable demand of foreign trade, cross-border financing and investment of cultural enterprises, improve the efficiency of foreign exchange management, simplify and optimize the business process of foreign exchange management, promote cultural enterprises to improve the efficiency of the use of foreign exchange funds, reduce financial costs, and improve the core competitiveness of Chinese cultural enterprises.
Fourth, vigorously develop multi-level capital markets and expand the direct financing scale of cultural enterprises
(9) Promote qualified cultural enterprises to go public for financing. Support cultural enterprises that are mature and stable in operation to be listed on the main board market. Encourage listed cultural enterprises to carry out mergers and acquisitions and restructuring through refinancing methods such as public issuance and private placement. Explore the establishment of a project information cooperation mechanism between the propaganda and cultural departments and the securities regulatory departments, strengthen the screening and storage of small and medium-sized cultural enterprises suitable for the GEM market, and support the listing of qualified enterprises.
(1) Support cultural enterprises to raise funds through the bond market. Support qualified cultural enterprises to raise funds by issuing corporate bonds, collective bonds and corporate bonds. Actively play the role of China Bond Credit Promotion Investment Co., Ltd. and other professional institutions, and provide convenience for small and medium-sized cultural enterprises to raise funds by issuing short-term financing bills, medium-term bills and collective bills. For small and medium-sized cultural enterprises that meet the requirements of national policies to issue direct debt financing instruments, intermediaries are encouraged to appropriately reduce fees and reduce the financing cost burden of cultural enterprises. For cultural industry projects with mature operation and stable future cash flow, we can explore the pilot of asset securitization of cultural industry projects based on the future cash flow and income rights of high-quality cultural assets.
(11) encourage diversified funds to support the development of cultural industries. Give play to the role of insurance companies as institutional investors and the financing function of insurance funds, encourage insurance companies to invest in the creditor's rights and equity of cultural enterprises under the premise of controllable risks, and guide qualified insurance companies to participate in cultural industry investment funds. Appropriately relax access conditions, and encourage risk-oriented investors such as venture capital funds and private equity funds to actively enter emerging cultural formats that are in the initial stage and have broad market prospects.
v. actively cultivate and develop the cultural industry insurance market
(12) further strengthen and improve insurance services. On the basis of existing work, all insurance institutions should actively develop insurance products suitable for the needs of cultural enterprises according to the characteristics of cultural enterprises, and reasonably determine insurance rates according to the principle that income covers risks. For cultural enterprises and cultural industry projects supported by the propaganda and cultural departments, convenient channels for underwriting and claims settlement should be established. For those with good reputation and low risk, the rate can be appropriately reduced. Accelerate the cultivation and improvement of the cultural industry insurance market, improve the coverage and penetration of insurance in the cultural industry, and effectively disperse the project operation risks of the cultural industry.
(XIII) Promote the innovation of insurance products and services. On the basis of existing insurance products, all insurance institutions should explore new types of insurance and various insurance businesses suitable for the characteristics and needs of cultural enterprises, such as intellectual property infringement insurance, performing arts, exhibitions, animation, games, printing, copying, distribution and broadcasting of film and television products, loss insurance and group accident insurance. Encourage insurance companies to explore credit insurance business to make up for the shortcomings of the current credit guarantee system in supporting service industry financing. To further strengthen and improve insurance services for cultural export enterprises, insurance institutions should actively provide export credit insurance services for cultural export enterprises and projects that meet the requirements of the Catalogue for the Guidance of Cultural Products and Services Export, especially those listed in the Catalogue of National Key Cultural Export Enterprises and the Catalogue of National Key Cultural Export Projects, and encourage and promote cultural enterprises to actively participate in international competition.
VI. Establish and improve the supporting mechanism conducive to financial support for the development of cultural industries
(XIV) Promote cultural enterprises to establish a modern enterprise system and improve the corporate governance structure. In accordance with the principles of innovating system, transforming mechanism, facing the market and enhancing vitality, we will promote cultural enterprises to establish a modern enterprise system, introduce modern corporate governance mechanism and modern enterprise financial accounting system, standardize accounting and auditing processes, improve the transparency of information disclosure, enhance financial management capabilities, and lay a good institutional foundation for financial support for the development of cultural industries.
(15) The central and local governments can give discount loans and premium subsidies to qualified cultural enterprises through special funds for the development of cultural industries. Support the establishment of cultural industry investment funds, guided by financial capital injection, and encourage financial capital to participate in accordance with the law.
(XVI) Establish a multi-level loan risk sharing and compensation mechanism. Encourage all kinds of guarantee institutions to provide financing guarantee for cultural industries, and spread risks through multiple channels through re-guarantee, joint guarantee and the combination of guarantee and insurance. Study the establishment of enterprise credit guarantee funds and regional re-guarantee institutions, support the establishment and development of guarantee institutions by means of equity participation, entrusted operation and risk compensation, and serve the financing needs of cultural industries. Explore the establishment of cultural enterprise loan risk compensation fund, and rationally disperse the credit risk of lending banks.
(XVII) Improve the legal system of intellectual property rights and effectively protect the rights and interests of all parties. We will promptly formulate and improve the management measures for the evaluation, pledge, registration, custody, circulation and realization of intangible assets such as patent rights and copyrights, and revise the relevant pledge registration provisions in accordance with the Property Law of the People's Republic of China. Actively cultivate the circulation market, give full play to the role of trading platforms such as Shanghai Cultural Property Exchange and Shenzhen Cultural Property Exchange, and provide professional services for cultural property transactions such as copyright transactions, trademark transactions and patent technology transactions of cultural enterprises. Further strengthen the effective supervision and intellectual property protection of the cultural market, improve the secondary trading market of various intangible assets, and effectively protect the rights and interests of investors, creditors and consumers.
VII. Strengthening policy coordination and monitoring and evaluation of implementation effect
(XVIII) Strengthening the coordination of credit policy and industrial policy. Formulate and regularly improve the "Cultural Industry Investment Guidance Catalogue" and release information on projects that update the development of cultural industries. We will increase credit support for cultural enterprises that are in line with industrial policies. Financial institutions will give priority to credit support for cultural industry projects that are included in the Cultural Industry Investment Guidance Catalogue, and loans for cultural industry projects that are restricted should be strictly examined and approved.
(XIX) Establish a multi-sector information communication mechanism and build a cultural industry investment and financing service platform. Establish a database of high-quality investment and financing projects of cultural enterprises, strengthen the publicity and promotion of cultural projects and financial products through organizing forums, seminars and fairs, and promote the cooperation between banks, governments and enterprises. Financial institutions should focus on supporting high-quality projects that are included in the database and recommended by the propaganda and cultural departments.
(2) Strengthen the supervision and evaluation of policy implementation. All branches of the People's Bank of China shall, jointly with the departments of propaganda, culture, finance, banking supervision, securities supervision and insurance supervision at the same level, formulate and improve specific implementation opinions or measures for financial support for the development of cultural industries in accordance with the spirit of these guiding opinions and the actual situation of the jurisdiction, and earnestly implement the work. All financial institutions should gradually establish and improve the special statistical system of financial support for the development of cultural industries, and strengthen the statistics and monitoring analysis of cultural industry loans. Branches of the People's Bank of China may, according to the actual situation in their respective jurisdictions, establish a special credit policy-oriented effect evaluation system for financial support for the development of cultural industries.
Finance Department of the People's Bank of China, Central Propaganda Department
General Administration of Press and Publication, General Bureau of Radio, Film and Television, Ministry of Culture
China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission
March 19th, 21.