An event hosted by Beijing trading group takes place in Shanghai, as part of China International Import Expo (CIIE), on Nov 6. [Photo provided to chinadaily.com.cn]

An event hosted by Beijing trading group was held in Shanghai, as part of China International Import Expo (CIIE), on Nov 6. 

The event attracted 200 officals and representatives from the Minstry of Commerce, government departments both in Beijing and Shanghai, CIIE organization committee and overseas delegations.

During the event, Lan Taoyong, CEO of Beijing Culture & Technology Financial Leasing Co (CUL&TECHFLCO), highlighted the case of Beijing Daye Technology and Media Group (DYTM) to promote the leasing of intangible cultural assets to raise finance for businesses piloted in Beijing.

By leasing the cartoon image of “Luobaobei” that was independently created by DYTM, the company acquired 200 million yuan ($28.89 million) in financial support from CUL&TECHFLCO, to assist with the company’s liquidity. 

In recent years, the national culture industry has maintained rapid growth while most small and medium-sized firms in the culture industry struggle to get financing as their core assets are intangible. To deal with the problem, the central government has developed assessment standards for intangible assets.

Against this backdrop, in September 2015, the intangible cultural assets financing leasing business was created and piloted in Beijing with support from Beijing Municipal Commission of Commerce, the State-owned Cultural Assets Supervision and Administration Office (SOCASAO), Beijing Cultural Investment Development Group and the publicity department of Shunyi district. The business helps support the leasing of intangible cultural assets such as copyrights, trademark rights and patent rights to raise finance.

CUL&TECHFLCO was a foreign-invested financing leasing firm established in 2014 with registered capital of 2.57 billion yuan. It has attracted investment from five major countries and regions, including the United States, Japan, Singapore, Europe and the Middle East. 

In 2015, the company was involved in the first batch of pilot firms for the financing leasing business. Over the past three years, the company not only realized its own development with the innovative policies, but has also supported 400 firms in the culture industry with total financing amounting to 8 billion yuan. 

The company also built a financial service platform for the development of cultural and creative industries in Beijing at the beginning of this year. So far, 4,000 firms in the culture industry and more than 160 financial institutions have registered on the platform with financing amounting to 8 billion yuan. Over the next three years, the platform is expected to have 10,000 culture firms registered on it, and benefit 200,000 firms nationwide. 

Lan ended his speech by expressing his confidence in the future development of foreign-invested firms in Beijing’s service sector, as China continues to open up its economy. 

Lan Taoyong, CEO of Beijing Culture & Technology Financial Leasing Co (CUL&TECHFLCO) delivers a speech at the event in Shanghai, Nov 6. [Photo provided to chinadaily.com.cn]

CCTV interviews Lan after the event in Shanghai, Nov 6. [Photo provided to chinadaily.com.cn]