Beijing to develop creative industry
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The Beijing Culture Bureau signed a contract with Bank of Beijing on January 14, for a total of 10 billion yuan (US$1.46 billion), according to Chinanews.com.cn. The money will go to support creative enterprises in fields such as animation, performance and art trade. Officials from the Ministry of Culture, the People's Bank of China and the Beijing municipal government attended the signing ceremony.
Bank of Beijing also signed a cooperation agreement with the Beijing Animation and Game Industry Alliance. The bank will offer financing products of more than 70 million yuan (US$10.25 million) to the China Acrobatic Troupe Company, China Associated TV & Film Investment Company and JoyChina Internet Technology Company.
Creative companies are enjoying quick growth and development in Beijing. The creative industry accounted for nearly 12 percent of the city's total GDP last year. Bank of Beijing was the first bank in China to finance the industry. It first signed a cooperation agreement with the Beijing Creative Industry Development Center in November 2007, setting a 5 billion yuan (US$732.41 million) credit for creative enterprises.
Since then, other financial organizations have followed suit. The Beijing branch of the Industrial and Commercial Bank of China also signed a cooperation contract with the Beijing Creative Industry Development Center on January 12, offering 10 billion yuan in credit annually.
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