OREANDA-NEWS. February 25, 2011. The General Administration of Press and Publication (GAPP) and the Industrial and Commercial Bank of China (ICBC) signed a strategic partnership agreement today in Beijing to support press and publication industry. Guests at the signing ceremony were Liu Binjie and Jiang Jianguo, Director and Deputy Director of GAPP, ICBC Chairman Jiang Jianqing, President Yang Kaisheng and Senior Executive Vice President Yi Huiman, reported the press-centre of ICBC.

Under the agreement, GAPP and ICBC will build up long-term and stable strategic partnership to push the development of China's publishing industry. ICBC pledges support for press and publication industry by referencing the sector's development strategy to provide a full range of financial services including loans, investment banking, financial advisory, cash management and corporate annuity.

Commenting on the agreement, GAPP's Vice Director Jiang Jianguo said in his speech that the conclusion of Strategic Partnership Agreement on the Support for Press and Publication Industry with ICBC was a beginning for both sides to build up joint forces for the prosperity of the industry, a major event and happy news and a strong measure to fully embrace the strategic agenda of the CPC Central Committee and the State Council in driving the China's cultural industry and publishing industry.

The "12th Five-Year" period is critical for China to build a well-off society, step up the reform in publishing sector and change its growth pattern, and an important period to achieve fast and good progress. The Central government stressed the national strategy of fostering the cultural industry in the "12th Five-Year" period as a pillar industry of national economy. Press and publication sector as a vital new force for the cultural industry welcomes this once-in-a-lifetime opportunity. ICBC, the largest commercial bank in China and one of the Global 500, has competitive advantage in being global, diversified and rich experience in financial services. The strategic partnership will signal closer cooperation between the government, financial institutions and cultural enterprises and serve as a good example for government and financial institutions to take the initiative to offer services for cultural enterprises.

ICBC being the biggest domestic commercial bank has attached high importance to support press and publication sector, said President Yang Kaisheng in his speech. ICBC takes this as an important way to fulfill its corporate social responsibility, speed up the structure adjustment and business transformation, and achieve good business progress. Since the announcement of Plan on Reinvigoration of the Cultural Industry by the State Council in September, 2009, ICBC eyed the press and publication industry as an emerging industry of strategic importance and announced credit policy on related industry.

The Bank also explored new financial services for businesses in the industry and offered a basket of financial services for the press and publication enterprises.  Meanwhile, ICBC will strengthen the cooperation with GAPP and work with GAPP to look for a business model in the delivery of financial services to press and publication enterprises. Efforts will be spent to address financial issues that constraint the growth of the industry, to provide top financial services to the press and publication enterprises. Under the great support and assistance from GAPP, the next move of ICBC is to leverage its capital strength, rich financial products, strong innovation capability and the service philosophy of "Customer First" to fulfill the obligation of the partnership agreement, to provide strong financial support for China's publishing industry.

Besides this strategic partnership agreement concluded with GAPP, strategic partnership agreements were also concluded between Hunan Branch of ICBC and China South Publishing & Media Group, between Jiangxi Branch of ICBC and Jiangxi Publishing Group.