ICBC has stepped up its support to the cultural industry in recent years on both supply and demand ends of cultural products by integrating "culture + finance" and promoting healthy development of the industry and the upgrading of cultural consumption. At the end of 2015, the balance of the Bank's on- and off-balance-sheet financing for the cultural industry exceeded RMB 230 billion, of which the outstanding RMB loans exceeded RMB 170 billion, up by over RMB 22 billion or 14.73%, securing its status as the commercial bank with the biggest financing balance and increment in loans in supporting China’s cultural industry.
At the supply end of cultural products and services, ICBC has helped outstanding cultural enterprises to launch quality products through investment banking, debt financing tools, leasing and asset securitization, among others. For example, the Bank led a syndicated loan aimed to build Nanjing's "Laomendong" into a historic and cultural icon for the city; and provided funding support to the shooting of a number of popular films and TV programs such as Eastern Battlefield and The Legend of a Hongan General. Moreover, by leveraging its advantage in international and diversified operations, the Bank has provided services ranging from lending, bond underwriting to investment banking advisory service and financial leasing to over 100 cultural tourism enterprises in recent years, including OCT, Haichang Group in Dalian, Jade Dragon Snow Mountain in Lijiang, and tourist businesses in Naxi; designed the financing model for an industry investment fund for the building of Hainan International Tourism Island; completed an asset-backed securitization deal with Guangzhou Chimelong, the first of its kind in China; and provided financial support to help a number of cultural tourism enterprises "go global", including Wanda Culture Industry Group, Poly Culture Group and CTS.
At the demand side of cultural consumption, with innovation of internet finance, ICBC has been actively building an "internet + cultural consumption + finance" service system to help consumers enjoy "point-to-point" connection with good tourism enterprises across the country. By logging onto e-Buy mall, consumers can conveniently order and purchase local travel services provided by over 100 tourism enterprises in Hainan, Yunnan, Guangdong and Guangxi, and make payment by installment. The Bank has also worked with Fujian Provincial Tourism Bureau to launch the "Peony Travel & Leisure Cards", realizing all-in-one functions between financial and non-financial sectors. It also cooperated with major tourist destinations in Yunnan and other provinces to promote "smart tourism", and provide tourists with one-stop online/offline services that allow them to "visit scenic spots, shop at famous stores, look for famous brands and buy branded products".
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