Ministry of Finance Pumps USD133 Million to Cultural Enterprises to Enhance Supply-Side Structural Reform

Ministry of Finance Pumps USD133 Million to Cultural Enterprises to Enhance Supply-Side Structural Reform

Liao Shumin

Date: Tue, 09/12/2017 - 15:35 / Keywords: The Ministry of Finance, Central cultural enterprise, Capital increment, Merge and acquisition
Ministry of Finance Pumps USD133 Million to Cultural Enterprises to Enhance Supply-Side Structural Reform
Ministry of Finance Pumps USD133 Million to Cultural Enterprises to Enhance Supply-Side Structural Reform

(Yicai Global) Sept. 12 -- China’s Ministry of Finance injected CNY1.2 billion (USD183 million) to 58 central cultural enterprises in 2017 so far, with CNY290 million spent on merger and reorganization of the enterprises, Yicai Global learned from the Ministry of Finance today.

Nearly CNY870 million was spent to promote supply-side structural reform in the field of culture, and CNY40 million was utilized for solving enterprises’ problems.

The Ministry has increased investment in the cultural field in accordance with the guidelines set out by the Central Committee of the Communist Party of China. The total amount of investment has doubled from CNY560 million in 2011 to CNY1.2 billion in 2017.

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Keywords: The Ministry of Finance, Central cultural enterprise, Capital increment, Merge and acquisition