Qingdao Oriental Movie Metropolis to grant 1 billion yuan subsidies annually
08.10.2014
Officials and executives take a group photo at the summit.
Wanda Group Chairman Wang Jianlin makes a speech at the summit.
Recently, the Qingdao Municipal Government released a series of supportive policies for film and TV productions. The policies will benefit the following: (i) Large scale, aggregated and highly professional film and TV industry parks which are consistent with the city's film and TV industry planning; (ii) Outstanding film and TV enterprises which are engaged in film and TV production, distribution and screening; (iii) Film and TV works with significant social impact or those having won national-level awards.
During the "Qingdao Oriental Movie Metropolis Film and Television Production Global Summit" jointly held by the Qingdao government and Wanda Group on October 8, 2014, Qingdao Oriental Movie Metropolis announced subsidies for film and TV production to echo the municipal government's supportive policies, making it China's first film and TV industry park whose investment management arm grants subsidies for producers registered with the park. The event attracted nearly 100 producers worldwide.
The Qingdao government's supportive policies include a dedicated fund and financial subsidies for the film and television industries. Specifically, the Qingdao Film and TV Industry Development Fund will be granted to high-quality film and TV programs mainly produced in Qingdao Oriental Movie Metropolis. 1 billion yuan fund will be granted annually. Fund management details are currently under discussion. Wanda Group promised to invest in this Fund. Meanwhile, high-quality film and TV programs mainly produced in Qingdao Oriental Movie Metropolis will receive financial subsidies. Huangdao District Government will grant financial subsidies to production companies registered in the park; such subsidies will be granted at up to 10% of the production company's annual revenue.
In addition, the Qingdao government also rolled out a number of other supportive policies to encourage banks and other financial institutions to launch loan products tailored to the needs of film and TV makers, implement a loan-related risk compensation mechanism for the industry, and facilitate IPO financing for film and TV program producers.
In his speech at the Summit, Mr. Li Ming, Bureau Chief of Culture, Radio, Television, Press and Publication of Qingdao, stressed that the government attaches great importance to the favorable policies it gives to the film and television industries. The policies were finalized after a full year of dedicated research, comparison and analyses. They will allow the city to develop an advantage in the film industry despite its recent emergence on the film production scene, while raising Qingdao's profile as the "city of films".
According Mr. Jia Leilei, Deputy Director of Chinese National Academy of Arts, as an innovative policy initiative, granting subsidies for film and TV production on such a scale is unprecedented in China. The "Qingdao version" will gain significant recognition in terms of the scale of subsidies and the number of producers benefiting from the policies. It is bound to attract the attention of first-rate film and TV program producers in China and overseas, and the coming years will see a wave of high quality film and TV works "made in Qingdao".
According to David Glasser, COO of the acclaimed Weinstein Company LLC, the Qingdao Oriental Movie Metropolis is very attractive. The favorable policies and subsidies just add to its attraction. "We are determined to become one of the earliest companies to bring films here for production," said Glasser.
Wang Zhonglei, president of Huayi Brothers, spoke highly of the film metropolis on its world-class facilities and supportive policies. "Nothing would keep us from joining as a permanent tenant. Qingdao Oriental Movie Metropolis is well on track to become the "Hollywood of China," said Wang.