By Chen Feng & Zhang Xiaohuan, Institute of Public Administration and Human Resources, DRC

Research Report, No.54, 2021 (Total 6119) 2021-3-16

Abstract: Since the launch of the 13th Five-Year Plan, bolstered by macro-financial policies, China’s financial support policies for the development of cultural industry have been refined with a number of targeted and innovation-oriented measures through implementation by local governments. The Cultural Industry Promotion Law to be promulgated will not only reveal China’s progress relating to financial support for the development of cultural industry, but also roll out the guidelines for formulating future policies. During the 14th Five-Year Plan period, global economic downturn performance will continue and financial regulations will become more rigorous. In face of the new development pattern with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, this paper gives an illustration of how China’s financial policies supported the development of cultural industry during the 13th Five-Year Plan period, and puts forward some policy options to handle relevant problems and challenges in the near future. First, macro-financial policies need to be improved to better serve as a guide in the development of cultural industry. Second, a cross-sector mechanism for coordination needs to be enhanced to magnify the effectiveness of policy portfolio. Third, it is necessary to accelerate innovation in the financial support policies for the development of cultural industry in light of national strategies.

Keywords: financial support policies for the development of cultural industry, cultural economy, new development pattern