OREANDA-NEWS. March 10, 2011. As an important component of the national economy, the culture industry has shown a sound development momentum in recent years, thus gradually becoming a new growth point for economic development. Bank of China attaches great importance to the development of the culture industry, and regards supports for the culture industry as an opportunity for new business development, reported the press-centre of Bank of China.

In April 2009, Bank of China and the Ministry of Culture Signed the Agreement for Strategic Cooperation to Support the Development of Culture Industry, marking the important breakthrough between the government cultural departments and stated-owned financial institutions achieved in launching resource integration, strengthening strategic coordination, innovating cooperation mechanism and comprehensively promoting the development of the culture industry.

Bank of China continuously strengthens product innovation, acutely grasps favorable opportunities for the rapid development of the culture industry nowadays, gives full play to advantages of a comprehensive financial service platform, strives to break through bottlenecks restricting the development of small and medium-sized cultural enterprises, works hard to make overall breakthrough in key development areas for culture industry business, seizes key business opportunities in culture industry specialty areas, and promotes the culture industry to achieve the leapfrog development through introducing specific products.

With a time-honored culture industry, a group of old-brand culture industry bases including Xiling Seal Society, Hengdian World Studios and World land emerged in Zhejiang Province in the past century. Among them, the establishment of Zhejiang Hengdian Chinese Film Industrial Park is the one authorized by the State Administration of Radio, Film and Television. It has attracted Huayi Brothers, Enlight Media, Chinese Entertainment Hong Kong and other domestic and overseas enterprises with strengths to reside and invest, and there are now over 320 enterprises in the park. The film, TV and other cultural enterprises in the park all felt the pressure of financial strain to varying degrees.

Talent TV & Film Making Co., Ltd. is an influential film and TV cultural enterprise with solid strengths. The company has signed cooperation contract with many young promising actors. Currently, it has finished the following films and TV programs: Jintai-Pan, The Sniper, Rouge Snow and Little Big Soldier.As for sales revenues of TV series, the company ranked top three in China, but it also faced the challenge of financial strains and was difficult to develop rapidly due to slow money returns and too much film production prepayment. Furthermore, Talent TV & Film Making Co., Ltd. failed to apply for loans from banks for many times because of its small number of real assets.

The unfavorable situation facing the company reflects the status of small and medium-sized film and TV cultural enterprises in the park, financing problem has become a big obstacle restricting the development and rejuvenation of the current culture industry.Bank of China's Zhejiang Branch brings the advantage of "Bank of China Credit Factory" into full play, and introduces "Ying Shi Tong Bao" products after in-depth investigation and careful researches. As a service product of Bank of China for SMEs, the product is another new achievement of "Tong Bao" series. It is specially designed to meet the financing requirements of small and medium-sized film and TV cultural enterprises. In addition to implementing ordinary pledge and guarantee conditions, it also allows enterprises to apply to Bank of China for loans by using copyrights of films and TV programs and accounts receivable as the pledge, thus revitalizing cultural heritage of the enterprise, while solving its financing difficulties.

Bank of China's Zhejiang Branch approved a total credit amount of RMB 39.10 million for the customer through applying for transacting "Ying Shi Tong Bao". The company’s credit uses the accounts receivable of the Eternal Wave and other five TV programs provided by the customer as the pledge, and fully implements the copyright pledge of Jintai-Pan and other four popular TV series .The introduction of "Ying Shi Tong Bao" has aroused strong repercussions in China's culture industry field. The information of "Using the copyright of TV programs as a pledge for loans" spreads quickly, and it is very popular with customers. Since the introduction of "Ying Shi Tong Bao" products, local branches of Bank of China successively have supported a group of excellent films, TV programs and animation works, including A Simple Noodle Story, the Eternal Wave, Feng Yu, and Black Cat Sergeant, relieving the development difficulties facing many small and medium-sized film and TV cultural enterprises.

Given the actual situation of small and medium-sized cultural enterprises, Bank of China positively develops credit products, increases effective credit supply, provides cultural enterprises with high-quality services based on financial innovation, thus effectively solving the financing difficulties in the culture industry, supporting and nurturing a lot of small and medium-sized enterprises and projects in the culture industry, providing important supports for the leapfrog development of small and medium-sized enterprises and the upgrading of the culture industry.