OREANDA-NEWS. August 28, 2014. In recent years, by positioning the cultural industry as a new key sector in need of financing support, ICBC has stepped up efforts on product innovation, funneled credit resources to the sector, and promoted the prosperity of the industry as well as cultural spending of urban and rural residents.

According to statistics, as at the end of June 2014, the Bank posted financing balance for the cultural industry of RMB 181.3 billion, representing an increase of RMB 37.2 billion over the beginning of the year, more than the entire increment of last year. In the first half of the year, the Bank's lending to the cultural industry rose by 25.8%, making it one of the fastest-growing sectors in terms of financing.

According to an executive with ICBC, the Bank has established special taskforces, developed special policies, innovative and dedicated products, and created an exclusive green channel for credit review and approval to support the growth of cultural enterprises of various types and sizes. ICBC has attached particular importance to supporting the development of small and medium-sized cultural enterprises, the financing for which has accounted for over 80% of the Bank’s total outstanding financing for the whole industry. This has strongly facilitated the robust development of new cultural industry clusters including cultural creativity, film and television production, and animation.

Given the extensive and varied needs of cultural enterprises for financial services, ICBC has established an exclusive financing products system that caters to the financing demand of enterprises of different types, sizes, and stages, providing new drivers for the development of the cultural industry. By marketing supply chain financing products to key enterprises, the Bank has launched a product named "Film & TV Link", with which ICBC released loans to the production of over 40 TV dramas by factoring against accounts receivable collected from TV stations, and packaged collective lending to over 20 films, to assist in the shooting, promotion and distribution of films and TV plays. For high-growth cultural enterprises like animation production companies, the Bank has rolled out a "direct investment + credit" business model, helping enterprises absorb direct investment funds while offering lending support. For the sectors of cultural tourism, cable television, cinemas and theatres, the Bank has launched financing pledged with charging rights and syndicated loans, among other products, to meet their financing demand for growth.

While providing financing support to cultural enterprises, ICBC has continued to accelerate the extension of financial services and leveraged its channel and technology strength to support inclusive cultural consumption. For instance, it has worked with China UnionPay to issue ICBC China Travel Cards, and provide all-round preferential services related to tourism covering tourist destinations, hotels, insurance and shopping. In addition, the Bank has set up nationwide ticketing service and a trading platform for art performances for t3.com.cn, which also facilitated ticket purchase for consumers.