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Boosting

By Emma Moore,2014-07-06 08:44
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Boosting

    Boosting

fFinanceisthemajorshareholder

    1culturalcompanies,largeState

    Ldfinancialinstitutionstopurchase

    mtoftheplanisthatmarketaccess

    encourageprivateandforeigncap

    sthatthegovernmentpermitsand

    mterprises'shareholdingreform,

    [bodiesofculturalindustrycanbe

    teremphasisondevelopingkeysec

    1,filmproduction,publication,adver-

    ition,digitalcontentandanimation.

    "Governmentinvestmentintheindnstryshouldbein. creased.Moretalentsshouldbetrained.Taxationandfinan. cialpoliciesaswellaslegalandmarketenvironmentshould beimprovedtosupportitsdevelopment,''theplansaid. EarlierinAprilof2009.Chinesegovernmenthasintro. ducedafive-yearpreferentialtaxPolicytoculturalcompa- nies,withanattempttoboostthecountry'sculturalindustry. AccordingtotheMinistryofFinance,culturalcompa- niesengagedinpress,publication,broadcasting,film,televi- sion,culturalandartisticbusinessescouldenjoyexemption ofvalue.addedtax.businesstaxorimportdutiesfrom2009 to2013.Filmcompaniesareexemptfromvalue.addedtax andbusinesstaxforrevenuesmadefromcopysales,copy- rightstransfer,distributionandfilmproductioninruralareas.

accordingtothecircular.

    Broadcastingandtelevisionenterprisescanbeexempt frombusinesstaxforbasicmaintenancefeesforcabledigi. taltelevisionupongovernmentapprovalbytheendof2010. Culturalproducts,suchasbooks,newspapers,periodicals, audio-visualproducts,electronicpublications,filmsandTV series,canenjoyvalue.addedtaxrebateonexports.Cultural enterprisesarefreefrombusinesstaxforrevenuesmade fromoverseasperformances.

    Hightechcompaniessupportingculturalindustrycan enjoyapreferentialincometaxof15percent.Companies inChinaarecurrentlysubjecttoastatutoryincometaxrate of25percent.Publicationanddistributionenterprisescan deducttheirstocksfromthetaxableamountaslostassets.ac. cordingtothecircular.

    Besidesthetaxpreferentialpoliciesmentionedabove. manyculturalenterprisesinChinahavegainedfinancialsup

    portfromdomesticbanks.TaketheExport-ImportBankof China(ChinaExim)forexamplethebankannouncedinA?.

    gustthatitwillgrantloansofatleastRMB20billion(US$2.94 billion)duringthenextfiveyearstosupporttheculturalin

    dustry.

    Uptonow15culturalenterpriseshavesubmittedthe applicationforsuchloans.AccordingtoXuRong,anofficial fromtheMinistryofCulture.these15enterprises'cultural programsaretherstbatchOfloanapplications.includingan acrobaticinterpretationoftheclassicballet"SwanLake"by aShanghaidancingcompany,aShaolinmartialartsdrama byafilmproductiongroupandadancedramacalled"Dan. huangMyDreamland''byatroupeinnorthwesternGansu

    Province'sLanzhouwhichwillbestagedinEurope. Amongthel5enterprises.theHangzhouSongcheng TourismDevelopmentCo.Ltd.inthecapitalofeasternZhe. iangProvincealoneappliedforRMB2.4billion."These culturalcompanies,productsandservicesallaimtopromote traditionalChineseculture,''Xusaid,pointingthattheywere allexport-orientedandhaddistinctiveethnicfeatures,which wasanimportantcriterionforselectingapplicants. "CooperationwithChinaEximwillenhanceourfinan

    cialcapabilityandpromoteexports.Wehopetocontribute moretotheinternationalstandingofChina'sculturalprod

    uctsandservices."saidLiangGuangwei,presidentofShen

    zhenHuaqiangHoldingLtd.

    KongJianhua.aresearchfellowwiththeculturalin. dustryresearchcenterofBeijing'sTsinghuaUniversity,said therewasanincreasingtrendoffinancialinstitutionssup- portingtheculturalindustryastheindustrywasexperienc

    ingrapidgrowthandreapingbigreturns.''Aculturalcon. sumptionmarkethasdevelopednationwideandagoldenage isaroundthecorne'hesaid.@

    

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