CDB to Support Cultural Industries
OREANDA-NEWS. November 23, 2011. The CPC Committee of the China Development Bank Corporation (CDB) convened today in Beijing to study the guidelines and decisions adopted at the recent Sixth Plenary Session of the 17th CPC Central Committee, and discuss to develop business plans in line with the country's strategy to support the development of the cultural industries. CHEN Yuan, Party Secretary and Chairman of CDB, chaired and addressed the meeting. Also present were JIANG Chaoliang, Deputy Party Secretary and President, as well as some other members of the CPC CDB Committee, including LI Jiping, Vice President, and ZHAO Jianping, reported the press-centre of CDB.
Chen urged all CPC members at CDB to study the outcome document of the plenary session and really understand the spirit of the decisions made by the Central Committee. It should be realized at CDB that the development of the cultural industries is now of strategic importance, and thus should be included in the priorities of CDB's next-step business strategy and policies.
Chen stressed that as China's leading bank specializing in medium- and long-term financing, this policy shift by the country should command an increased share of the cultural industries in CDB's business portfolio, in compliance with the following principles:
1. Planning ahead and preparing for future growth. CDB's business plan should be aligned with the country's Plan on Reinvigoration of the Cultural Industries and the 12th Five-year Plan for the Cultural Industries;
2. Capitalizing on CDB's strengths in infrastructure development. CDB is well-positioned to furnish the country's cultural development with its superior expertise in financing economic and social infrastructures;
3. Making available CDB's unique combination of financing vehicles. Namely, resources in lending, investment, bonds, securities and leasing businesses should be readily accessed to back the development of cultural industries. New models most suitable for the cultural industries should be encouraged.
4. Targeting leading companies in the cultural industries. Priorities should go to industry leaders that can spearhead major agglomeration for effective and viable growth;
5. "Go Global". Companies of the cultural industries should join other sectors in pursuing international presence. Development in the cultural industries is a form of soft power for China to increase its influence in the world.
CDB is known to have stepped up efforts to support the cultural industries in recent years, by engaging in cooperation with the Ministry of Culture and the Press and Publication Administration and signed memoranda with seven provinces and municipalities to provide for their cultural development projects, including Shanghai's World Expo Cultural Center and Anhui's Huaqiang Culture and Technology Industrial Park. As of end of September, 2011, CDB lent RMB105.3bn to the cultural industries, leading its Chinese peers in this segment.
Комментарии