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The first national culture industry credit promotion association (CICPA) was established in Beijing’s Chaoyang Culture Industry Innovation Experiment Zone on August 10.[Photo by Sun Muyao/chinadaily.com.cn]
The first national culture industry credit promotion association (CICPA) was established in Beijing’s Chaoyang Culture Industry Innovation Experiment Zone on August 10. The association will provide financial services to enterprises to boost cultural innovation and creative industry.
CICPA is a non-profit social association organized by Beijing SMEs Credits Re-guarantee Co., Ltd with other banks, bonding companies, credit rating agencies and culture industry parks under the support of the culture innovation experiment zone management committee.
It will build a public service platform to integrate various resources from banks, assurance organizations and credit rating agencies, and will also assess credit of companies in the experimental zone and give priority to enterprises with good credit when they need financing and the assurance of banks or other financial organizations. Government policies also support corporations that have good credit.
According to a committee officer, corporation credit has become one of the focuses in the country's economic development. As the first cultural industry innovation park, the Chaoyang experiment zone set up CICPA and created a new credit rating standard for governments and banks to evaluate cultural companies to make optimal funding distributions.
Qin Kai, the president of CICPA, said that the association will make the connection between government and companies closer so that companies may enjoy more policy support and better financial services. CICPA will also cooperate with many other organizations to help cultural enterprises better develop.
The experiment zone has signed a cooperative agreement with the Chinese Culture Industry Association and been named a ''national culture industry credit rating experiment site''. It also works with ICBC and China Minsheng Bank on exclusive financial products for cultural enterprises, and cooperates with bonding companies to help the experiment zone's cultural enterprises get preferential assurance and financing services.
Due to its rich resources, active market and abundant talents the zone to date has attracted more than 30,000 cultural corporations, including People’s Daily, CCTV, BTV, Phoenix Satellite Television and other famous culture enterprises. With over 50 culture industry parks it has emerged as a new culture center in the city, and the district of Chaoyang has found new prosperity through cultural innovation.
