The Shandong Provincial government expressed its support for public stock offerings for at least ten of the province's cultural enterprises in the next five years.

In a recently published report entitled "Suggestions on Encouraging and Supporting Local Cultural Enterprises," the province expects that cultural enterprises can raise 10 billion yuan from the stock market IPOs, further solidifying the impact and reach of Shandong's cultural undertakings on locals as well as the entire country.

According to the plan, the government will promote a batch of cultural companies and groups and make them stronger. Five such companies are expected to exceed 10 billion yuan in operational revenue and assets by the end of the Twelfth Five-Year Plan period (2011-2015) with government backing.

According to the report, the province will assist in restructuring the cultural enterprises and build a platform for banks to provide financing for them.

The report also outlined the provincial government's policies on public financing for technology innovation and small to medium-size enterprises.

In recent years, Shandong's cultural industry has developed rapidly. In 2010, the added value of the cultural industry reached 123 billion yuan, accounting for 3.12 percent of GDP.

Go to Forum >>0 Comment(s)