China’s Ministry of Finance of China has allocated more than $660 million to develop culture industries

Almaty. August 10. Silkroadnews – China’s Ministry of Finance has decided to allocate special funds in the amount of 4.42 billion yuan to support 944 cultural projects within the framework of cultural industries development, “People’s Daily” reports.

According to the Ministry of Finance, with the structural reforms carried out this year the targeted funds shall be reallocated within the cultural industry. For this the new decisions have been taken.

First, it is necessary to extend the market relations to the cultural sector. A variety of mechanisms shall be involved to use the targeted funds, the financial leverage and multiplier effect level shall be raised to optimize the allocation of resources.

Second, the financial support shall be reallocated from the medium-low level projects to the projects of high potential touching on the integration of media, cultural innovation, development of cinema and TV sectors, offline book stores and other areas.

Third, to establish a system of responsibility of the relevant departments. The selection and evaluation of cultural projects shall be carried out by the Chinese Communist Party Central Committee Propaganda Department, Ministry of Culture, State Administration of Press, Publication, Radio, Film and Television and the Ministry of Commerce of China.

Optimization of the central budget items, projects design and state planning improvements at the highest level shall ensure further development of the country’s cultural industries, the publication notes.
$1 = 6.66 yuan