Themed on “Openness and Integration”, 2018 China Cultural Finance Summit and Annual Meeting for Investment and Financing of Beijing Cultural Industry was held on December 6, in Beijing. Renowned experts and industry leaders from abroad gathered at the Summit for discussions on new opportunities in cultural finance development.
While changes and upgrades in the cultural industry have brought both challenges and opportunities for cultural finance, China is now at a crucial stage to carry out reforms in financial systems, and to regulate and guide the healthy development in culture finance. Under the situation, Tsinghua PBCSF established the Research Center for Culture and Creativity Finance, which hosted the Summit.
Following the opening ceremony, the Summit consists of four sessions.
Session I “Financial Reform Brings New Opportunities in Culture Industry” was moderated by Dr. Zhao Cen, Director of the Research Center for Culture and Creativity Finance at Tsinghua University National Institute of Financial Research (NIFR), Deputy Chair of Tsinghua University Institute for Fintech Research (THUIFR) and Deputy Chair of Tsinghua University Institute for China Sustainable Urbanization.
Wang Zhongmin, former Vice President of National Council for Social Security Fund, and industry supervisor at Tsinghua PBCSF, introduced the roles and functions of cultural industry Fund of Funds in cultural finance sector. He stress that we should guide the capitals to play a bigger part in high quality development through the structure change of cultural capital supply side by optimization of the capital structure of the fund of funds.
Zhou Yanli, member of CPPCC, former Vice Chairman of CIRC and board member of Tsinghua PBCSF, said that there have been active collaborations between insurance and culture industries such as risk management and custom insurance for cultural products, and there is still huge space for co-operation.
Yang Shujian, Commissioner of Bank of Beijing, indicated that Bank of Beijing will increase resource investment and promote innovation in product and service, focusing on key missions such as conservation of historical and cultural cities, public welfare cultural programs, preparation for the Winter Olympic Games and cultural consumption.
Zhang Jianhua, President of Huaxia Bank and industry supervisor at Tsinghua PBCSF, commented that the new opportunities were brought by integrative development of culture and finance. Huaxia Bank has made efforts to contribute to the development of cultural industry by means of setting up professional service organizations, launching specialized financial products, and establishing review and approval channels and platforms.
Mr. An Qingsong, Acting Vice President of Securities Association of China and industry supervisor at Tsinghua PBCSF, suggested to strengthen capabilities of investment banks in order to provide comprehensive financial services to the cultural industry; to develop a multi-leveled capital market and open up direct financing channels and exit mechanisms for investment in culture and creativity; and to actively promote the growth of securitization businesses of cultural assets so as to better in service to high quality development in cultural industry.
Fan Zhou, Director of Culture Development Institute at Communication University of China, stated that relevant state organs have done a lot of work to deepen collaborations between culture and finance, and push on the establishment of a multi-leveled, multi-channeled and diversified cultural industry investment and financing system.
Zhou Maofei, Chairperson of Beijing Cultural Investment Development Group, mentioned that the company has been devoted to offer practical solutions to financing difficulties through providing intangible asset financing and leasing services and making innovations in intangible asset securitization.
Ye Heqing, CEO of Chinese branch of American Film Finances Inc. (FFI), expressed his hope to make contribution to industrialized and standardized development of Chinese movie production by practicing movie completion guarantee model in Chinese film industry.
Session II “Triple Helical Effects of Cultural Creativity, Technology and Finance” was moderated by Tang Xiaobin, Chairperson of Beijing Shangqi Capital Holdings and Co-chairperson of Research Center for Culture and Creativity Finance of Tsinghua NIFR.
Ni Zhengdong, Founder and Chairperson of Zero2IPO Group, indicated that cross-sector and integration of culture, science and technology, and finance industries in China will bring about enormous business opportunities.
Tong Zhilei, Founder, Chairperson and President of ChineseAll Digital Publishing Group, mentioned that ChineseAll initiated the all-media publishing model, and fully integrated culture, science and technology, and finance to improve its business layout in pan-entertainment sector.
Chris Edwards, CEO of The Third Floor Inc., expected to team up with outstanding directors and producers in China for the growth of Chinese film industry.
Gao Qunyao, Founding Partner and CEO of Smart Cinema, said that as smart phone apps become increasingly popular, there is a vast space in growth for smart cinema in the future.
Zheng Yi, Co-founder and COO of ObEn, made introduction about the company’s AI ecosystem and demonstrated the development and applications of future artificial intelligence in culture and entertainment.
Session III “Integration of Urban Rehabilitation and Culture Finance” was moderated by Zhang Yafang, former Director of Human Resources Department of Ministry of Culture and Standing Vice President of China Intangible Cultural Heritage Association.
Zhou Heping, former Deputy Minister of Culture of China, said that intangible cultural heritage is the city’s soul, cultural gene and cultural character, where more financial support is needed to promote the integration between intangible cultural heritage and cultural finance.
Dai Bin, President of China Tourism Academy, stated that efforts should be made to fully utilize the power of market and big data to restructure cultural resources and the tourism market.
Wang Yong, Chairperson of Shaanxi Culture Industry Investment Group, said that his company has accumulated extensive experience in aspects as the utilization of financial tools, partnerships with financial institutions and substantive actions on culture asset and equity exchanges, hoping to play a more instrumental role in the process of urban revival.
Sun Tianli, General Manager of the Innovation Business Department of COFCO Land, said that over the continuous course of urban revival, both finance and culture have been bestowed tremendous development space and opportunities, and the key is to comprehensively understand a city's culture and integrate finance and culture.
Li Tingwei, CEO of Beijing-based Cathay View Culture, explained that the company has accumulated digital art assets through digitization and the combination of artistic creations with internet and big data, as well as active explorations in the field of artistic finance.
Cui Xiaobo, Founder and CEO of Beijing Tendcloud Tianxia Technology (TalkingData), commented that big data-based digital simulation technology is playing an increasingly significant role in urban planning and the establishment of intelligent cities.
Session IV focused on “Investment Trends in Culture Industry and New Patterns in Culture and Creativity Financial Innovation” was moderated by Xie Feng, Deputy Party Secretary of the School of Humanities of Tsinghua University.
The PBC School of Finance, Tsinghua University was founded as a joint venture between the University and the People's Bank of China (PBC) and was built on the successes of the Graduate School of PBC. The School is dedicated to cultivating high-level, innovative and internationalized financial talents and building a top think tank in finance. The Research Center for Culture and Creativity Finance under Tsinghua NIFR is engaged in academic research and practice in the areas of culture and creativity finance, and culture and creativity science and technology. The Center is also devoted to building an authoritative platform for talent cultivation, industry incubation and synergistic innovation in culture and creativity finance sector.
The Summit was hosted jointly by Tsinghua PBCSF and Beijing City Dongcheng District People's Government, organized by the Research Center for Culture and Creativity Finance under Tsinghua NIFR and Beijing City Dongcheng District Cultural Development Promotion Center, and co-organized by State-owned Cultural Assets Supervision and Administration Office of the People's Government of Beijing Municipality.