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Chaoyang district of Beijing announced at the 11th China Beijing International Cultural and Creative Industry Expo, held from Oct 27 to 30, that it will start a "Hummingbird Plan" to support the upgrading of cultural industrial innovation pilot areas and to cultivate leading and marketing enterprises.
According to the plan, selected innovative cultural enterprises will be singled out for all-round financing services and policy support.
Including the five featured cultural industrial parks that participated in the expo -- Wandong international cultural and creative industrial park, Tongniu movie industrial park, Donglang creative movie industrial park, C3 youth and fashion industrial park and Xidian memory-CBD cultural and creative town -- the national cultural and creative pilot area has attracted 56 parks, intending to build an advanced, cutting-edge economic structure to serve the collaborative development of cultural and creative industries in Beijing, Tianjin and Hebei province.
All-round financing services for hummingbird enterprises
Financing problems are becoming more and more common for cultural enterprises although the cultural industry is developing rapidly in China. Asset-light, lacking collateral security and facing hardships arising from pledging property rights to secure loans, cultural companies experience credit restrictions which impair their development.
The Hummingbird plan is an attempt to solve the financing problems. Hummingbirds are the smallest birds in the world, but they are strong and can fly fast. Additionally, they accelerate instantly, and have the fastest flying speed. The plan therefore uses the hummingbird to describe high-quality cultural enterprises with strong and rapidly developing growth.
The plan will offer cultural and creative industry policies and diversified financing solutions to help the enterprises develop smoothly and quickly.
For example, the listed enterprises will receive a 50 percent subsidy for guarantee and credit rating fees and 30 to 70 percent loans with discounted interest from the national cultural and creative pilot zone.
To date, 180 developed cultural enterprises, including those with high added value, strong interconnectivity and outstanding business depth such as Wanda cinemas, and some small and medium-sized enterprises with strong competitiveness and a high level of original innovation, together generating 43.813 billion yuan's ($6.47 billion) total income in 2015 and accounting for 30.23 percent of the total income in pilot areas, have entered the plan.
Chaoyang focuses on advanced industries
Chaoyang District has focused on four models to lead its industrial upgrading and transformation, namely the renovation of old industrial factory buildings, upgrading of traditional business facilities, transition of visible markets and high-technicalization of rural collective industrial programs.
At the Chaoyang exhibition area of the cultural and creative expo, five special cultural and creative parks were on display, part of the advanced, leading and cutting-edge economic structure set as a district goal.
Wandong international cultural and creative industrial park, reconstructed from the Beijing Wandong Medical Equipment Corporation and covering 75,000 square meters, intends to build an office with varied forms and unique designs and to take advantage of nearby colleges and media companies to create a variety show production base and to form an entire cultural and creative industrial chain.
Tongniu movie industrial park preserves the old building's main areas and adds elements that can better show the innovative characteristics of the movie industry. The park aims to build a movie industrial cluster with one stop service for industrial chains. The park has completely reconstructed and has realized a 100 percent rental rate, attracting more than 40 enterprises including IMAX (China) and the Youku website.
Donglang creative movie industrial park, devoted to becoming a professional movie production base, has attracted nearly 60 movie-related companies to settle in the park. It intends to be an integrated platform combining business and entertainment and has organized several themed activities including seminars, training and salons about cinema and movies.
C3 youth and fashion industrial park redesigned its building into a fashionable and innovative space to attract cultural enterprises and artists' studios to move into the park.
Xidian memory-CBD cultural and creative town is committed to building a cultural and creative town integrating residential property, and facilities for business, entertainment, leisure and shopping. The town has formed an entire film industrial chain and aims to become a high-quality cultural and creative hub.
Cultural and creative enterprises booming
In the 13th Five Year Plan, the national cultural and creative pilot zone will focus on improving expressions of regional culture, balancing environmental quality and industrial levels and promoting integration of cultural industry and financing, technology and business.
In 2015, cultural industries with more than 20 million yuan in the pilot zone attained income of 144.93 billion yuan and the percentage of high-tech, creativity and added-value industries is growing. By the end of September, 2016, there were 31,235 cultural and creative enterprises registered in the zone, 47.2 percent of the total cultural enterprises in Chaoyang District. The income of its cultural and creative enterprises is anticipated to reach 300 billion yuan by 2020.
