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Forum to lower financial hurdles for cultural & creative sector

(chinadaily.com.cn)
Updated: 2009-10-16 11:50

The 4th China Beijing International Cultural & Creative Industry Expo will kick off in November, with an associated keynote forum to be held on November 26th.

At this forum, attendees will seek possible ways not only to strengthen China's fledging cultural & creative industry and to further ensure a sustainable growth for this sector, but also to solve the current financial difficulties faced by industry players.

All parties concerned with the development of the sector, including governmental agencies, investors and firms in the industry, are invited to the forum, which offers an opportunity for industry players to escape financial deadlock through face-to-face communication with investment institutions.

The cultural & creative industry, seen as an essential pillar of western economies, contributed 25 percent, 17 percent, and 16 percent for the gross domestic products (GDP) in American, Britain and Japan, respectively in 2008.

The figure for China came to a mere 2.52 percent during the same period, though China is seen as the cultural and creative market with the most potential in the world.

Related readings:  China adopts plan to promote cultural industry  Why the power of culture means culture is power  Chinese cultural industry keeps growth via loans  Culture firms plan floats

To promote the lagging sector, China has issued a plan to revitalize the culture industry this September, as part of its plan to adjust the economic formations.

Even with governmental support, start-ups and small-sized players in this capital-intensive industry are finding it hard to obtain bank loans due to their tiny sizes and the lack of assets to use as collateral.

Meanwhile, the large sums of capital needed, long-term returns for investment and border-line value assessments are seen as major risks for investors.

According to the forum's secretariat, world-renowned experts, scholars, investors and entrepreneurs are set to deliver speeches at the November event. Speakers include the former UN assistant secretary general, Poland's vice-premier and finance minister, the director of Spain's Cultural Laboratory at Barcelona Media, and representatives from Carlyle Group, China Cultural Industry Capital Fund and China Film Production Group.

Further information about the expo and the forum can be found by calling 86 10-6400 2668.