130m yuan boost for cultural industries

Forty-eight industrial parks in Beijing have reduced their rents by a total of 130 million yuan ($18.3 million) to help cultural industries during the novel coronavirus epidemic.

According to the Beijing municipal government, loan renewals and extensions, as well as special subsidies, will also be provided to cultural enterprises in need.

Since the start of the outbreak in December, Beijing has stepped up its support for both industrial parks and enterprises in the cultural sector.

According to a survey conducted by the city authority of 3,000 culture-related companies in Beijing, 40 percent had already lost over 1 million yuan each due to the epidemic.

All of the respondents said they expected a more than 50 percent drop in revenue for the year.

Last year, around 4,000 cultural companies based in Beijing earned total revenue of 1.2 trillion yuan, up 8.2 percent year-on-year, which greatly contributed to the capital's economic growth.

Since the epidemic started, 260 cinemas have closed, 5,392 shows have been canceled and 372 cultural exhibition centers and 183 museums have shut, according to the city government.

Most of those companies require loans and rent subsidies.

On Feb 19, Beijing officials unveiled 28 favorable policies to help cultural companies affected by the epidemic.

In addition, a document on the management and assessment of cultural industrial parks during major public health emergencies was also released.

The Beijing Culture Equity Exchange, an institution that helps cultural companies acquire financing, has also put forward several measures to ensure the smooth running of its application system and customer services.

The exchange has launched online platforms to help solve financing difficulties for cultural enterprises.

Xiang Xudong, head of the cultural promotion and development center in Beijing's Dongcheng district, said 24 million yuan had been issued to support 46 cultural businesses in the area.