Chinese authorities step up financial support for culture and tourism industries

Photo taken on July 2, 2022 shows the view of a commercial street in Wuhan, central China’s Hubei Province. In recent years, Hubei Province has made efforts to combine its nightlife economy with culture and tourism in an innovative way, thereby enhancing the vitality and attractiveness of nighttime drinking. (Photo: Xinhua)

China’s central bank and the Ministry of Culture and Tourism jointly issued a notice on Monday on strengthening financial support for the culture and tourism industries, including expanding financing measures and reducing the cost of business financing, in order to stimulate the recovery of this sector battered by COVID. .

The two departments said in a statement that they would strengthen support for enterprises qualified to issue bonds, explore the establishment of a system for evaluating assets and products of related enterprises, and support the revitalization of enterprise assets. culture and tourism.

For enterprises hit hard by the epidemic, financial service centers at all levels should actively collect information on such enterprises and offer them differentiated financial services.

Banks and financial institutions should improve the efficiency of services in granting loans to cultural and tourism enterprises, in particular by optimizing credit management systems, post-loan services and risk management for enterprises.

The culture and tourism industries have been hit hard by the outbreak. But with recent Omicron outbreaks generally being brought under control and summer holidays beginning, there has been an upswing recently, said Jiang Yiyi, deputy director of the School of Recreational Sports and Tourism at the University of Beijing sports, to the Global Times on Monday.

Improved financial support could help spur recovery, Jiang noted, adding that it would allow companies to roll out innovative services and products to better meet consumer demand in the post-COVID era.

The recovery of the culture and tourism industries is symbolic for the overall economic recovery. There is a smooth exchange of personnel in the industries and, more importantly, their recovery could also revive an array of upstream and downstream industries, such as catering, transportation and accommodation, Jiang said.

Scenic spots across the country have actively rolled out measures to attract tourists, while maintaining epidemic prevention measures.

For example, tourism in the Xinjiang Uyghur Autonomous Region in northwest China has recently exploded. Xinjiang’s 5A-level tourist spots saw an average daily tourist visitation of over 110,000 in July, up 201.08 percent month-on-month, according to Xinhua News Agency.

In June, Yunnan province (southwest China) saw its tourist volume return to 89.8% of the 2019 level before the pandemic. With an increase in tourist visits in July, many scenic spots in Yunnan even saw their tickets sell out, Xinhua reported.

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