Lujiazui Cultural and Financial Forum is held on Jan 12. [Photo provided to chinadaily.com.cn]

Lujiazui Cultural and Financial Forum was held on Jan 12, where experts discussed how to use the financial market to boost the development of cultural creativity.

At present, Shanghai has established a service system incorporating banking, bond, insurance, trust, guarantees, funds, loan and finance.

In December of 2017, Shanghai set forth a policy with a purpose of enhancing competitiveness and influencing its culture industry. The policy also aims to push forward the innovation of the system of financial service, and making possible that the financing assurance offered to medium, small and micro-sized enterprises will boost cultural creativity. In addition, the commercial bank will offer more credit to cultural creative enterprises.

Zhu Huichong, president of Shanghai Medium Small Enterprise Service Center said that Bank of Shanghai will launch a plan of intellectual property of cultural creativity, which will create financing plans to solve the problems such as mortgage of intellectual property, pledge and disposal. Moreover, the plan will be executed in Pudong.

In order to support the finance of medium and small enterprises, Bank of Shanghai will provide a comprehensive financial service including account settling, credit, policy-based loan guarantee, equity financing and personal finance.

Zhu added that to realize the mutual development of finance and culture, the financial staff should try out to make culture a part of its development goal. In order to develop culture-based financial service, Bank of Shanghai has set up a branch with cultural characteristics.

Lian Ping, chief economist of Bank of Communications said that as a commercial bank, it could improve its service for the enterprises of cultural creativity in three aspects.

First, it could revolutionize its management, such as setting up a department, specialized in providing financial services for the industries of films and television, artworks, entertainment, publication and distribution.

Second, it could launch a series of innovative products, according to the features of enterprises, such as those of pledge of patent, copyright and trademark right.

Third, it could make a plan for granting credit approval, a guarantee system and a model of loan.

In the future, Shanghai will make more efforts in supporting cultural industry by making use of advantages of the booming financial industry and try to construct a system of culture-based financial industry.