Cultural Power Development: “Film+” Copyright Pledged Loan Released -- China Film Investment and Financing Summit Successfully Concluded
On the afternoon of September 22, the 11th Beijing International Film Festival (BJIFF)--China Film Investment and Financing Summit successfully concluded in Beijing. The summit was hosted by the BJIFF Organizing Committee, co-hosted by China Film Fund and Beijing Culture Industry Investment and Financing Association, and organized by Online Film Market Co., Ltd. Bank of Beijing was the sole financial partner to the summit.
Poster of the 11th BJIFF-- China Film Investment and Financing Summit
A glimpse of the 11th BJIFF-- China Film Investment and Financing Summit
Present at the summit were leaders of relevant departments and authorities, including Wang Jiequn, Deputy Director of the Publicity Department of the CPC Beijing Municipal Committee, Director of the Beijing Municipal Film Administration, Vice Chairwoman & Secretary-General of the Organizing Committee of the 11th BJIFF, Zhang Pimin, Chairman of the China Film Fund, Sun Baolin, Secretary of Party Committee and Director of Copyright Protection Center of China, Dong Dianyi, Deputy Director of Beijing State-owned Cultural Assets Management Center, Zhou Maofei, Secretary of Party Committee and President of Beijing Cultural Investment Development Group Co., Ltd., Director of Beijing Culture Industry Investment and Financing Association, Yu Jianhong, Vice President of Beijing Film Academy, Dai Wei, Assistant to the President of Bank of Beijing, Corporate Business Director, Huang Qunfei, Executive Deputy General Manager of Huaxia Film Distribution Co., Ltd., Wang Hainan, Deputy Director of the Film and Television Division of the Publicity Department of Beijing Municipal Committee of the Communist Party of China, Zeng Xiangmin, Secretary of Party Committee of and professor at the Television School of Communications University of China, Liu Wu, Office Director of Beijing Cultural Investment Development Group Co., Ltd., Cui Yan, Deputy Executive Director of the Office of Organizing Committee of Beijing International Film Festival, Yin Xiangjin, General Manager of Wanda Film and Television Media Co., Ltd., Duan Hongli, General Manager of Inclusive Finance Division (Cultural and Creative Financial Business Headquarters), Bank of Beijing, Ya Ning, President of iQIYI Motion Pictures, Li Ning, Senior Vice President of New Classics Media Group and CEO of New Classics Pictures, Chen Yujian, Chairman and Partner of Houde Qianhai Fund Management Co., Ltd., Niu Tianxiang, Chairman of Beijing Cultural Creativity Board Development Co., Ltd., Song Weicai, professor and doctoral advisor at the School of Art and Communication, Beijing Normal University, Cai Min, Executive Deputy General Manager of Beijing Cultural Investment Holdings Co., Ltd. and Chairperson of Sparkle Roll Media, and Zhu Yuqing, Director of the Special Fund for Film Investment and Financing Development of China Film Foundation and Founder of Online Film Market Co., Ltd., as well as the representatives from domestic film and TV investment institutions, production companies and film and television enterprises.
Wang Jiequn, Deputy Director of the Publicity Department of the CPC Beijing Municipal Committee, Director of the Beijing Municipal Film Administration, Vice Chairwoman & Secretary-General of the Organizing Committee of the 11th BJIFF
Wang Jiequn stated at her speech that the CPC Central Committee and the State Council have repeatedly proposed to increase financial support for private enterprises and small and micro enterprises. The Beijing Municipal Committee of the Communist Party of China and People's Government of Beijing Municipality have introduced a number of measures to relieve the pressure on film and TV enterprises in various aspects, and mobilized financial institutions to simplify relevant processes and launch special financial products to boost the development of the cultural and creative industries, strengthen the construction of Beijing as the cultural center, thereby driving the process of shaping China into a power of culture by 2035. Against this backdrop, the China Film Investment and Financing Summit released the Report on Development of China Film Investment and Financing, launched special film financial products, and also held high-standard forum exchanges to discuss new opportunities and models of cooperation between and among film and TV enterprises and financial and investment players, which were highly recognized and supported by the participants. It is also a concrete measure to implement the relevant arrangements of the CPC Central Committee and the State Council, and to put into effect the new idea of the "integrated development of cultural innovation and financial innovation" in Beijing.
Dai Wei, Assistant to the President of Bank of Beijing, Corporate Business Director
Dai Wei said in his speech that, in recent years, Bank of Beijing has bent itself to the cultural construction of Beijing, established a cultural and creative financial service system, kept enriching cultural and financial products and business models in spirit of innovation and developed a new way for financial institutions to promote the construction of the center of culture. The Bank of Beijing has now become a major driving force of financial service to the construction of the center of culture in China. Meanwhile, the Bank of Beijing provided financial support for films such as for A Little Red Flower, Hi, Mom, The Battle at Lake Changjin, effectively promoting the construction of the film industry highland in Beijing. In the future, the Bank of Beijing will continue to exert its strength in advancing the integration and development of film and TV sector, strengthening the support of outstanding film and TV talents, and building the pool of film and TV resources.
Echo Cultural Power Development
Focus on Film & TV Investment and Financing
Themed on “Film & Television Investment and Financing and Cultural Power Development”, the summit invited authoritative sources and senior experts from domestic financial, investment and film circles to conduct in-depth exchanges and discussions on the relationship between film and TV investment and financing and the development of cultural power, the path of realization, the current difficulties and ways to make breakthroughs.
Zhang Pimin, Chairman of the China Film Fund
Zhang Pimin pointed out in his address that the prosperity and development of film industry is of great significance to building a cultural power and carrying forward socialist core values. Attaching great importance to the healthy development of the film industry, the CPC Central Committee, the State Council and the national film authorities have made an overall layout in management system and policy support. Also, under the guidance of the policy that the cultural industry is taken an important support for the national economy, the interaction and coordination between the financial and capital sector and the film and TV industry represented by films are increasing tightened. Chinese film industry, which has entered a new stage of higher quality and efficiency at an upper level, needs more capital, especially the specialized capital and financial capital. Meanwhile, he expected that investors would have a global outlook and specific long-term investment objectives, and increase investment in the whole chain of the film industry and emerging technologies to promote the iteration and upgrading of the film industry, thus further enhancing its quality and efficiency.
Zhou Maofei, Secretary of Party Committee and President of Beijing Cultural Investment Development Group Co., Ltd., Director of Beijing Culture Industry Investment and Financing Association
Zhou Maofei said in his speech that the China Film Investment and Financing Summit plays an important role in promoting the integration of film and finance and boosting the healthy development of China's film industry. Beijing Cultural Investment Development Group Co., Ltd. has been committed to promoting the development of Beijing's cultural industry, especially the film industry, created a "Beijing model" for the financing development of cultural industry, and took the lead in the financial leasing of intangible assets, and invested more than 37 billion yuan to 2,000 plus cultural and technological enterprises. He said that investment and financing are extremely essential to the film industry. If content creation is the soul of film, investment and financing mechanism would be the engine of film development. China's film industry started a new normal, which needs new power. The industry should constantly stimulate the vitality of investment and financing, to enable funds and capital to be invested in the industry more effectively and orderly. He holds that film investment and financing institutions should respect the laws of the industry and take high-quality content as the guide of investment; help improve the investment and financing service system; promote financial innovation to fully exert the value of the key resources of the industry; effectively complete resources connection and serve well the "last mile" of film investment and financing.
A view of the theme forum
At the following forum, Huang Qunfei, Yin Xiangjin, Duan Hongli, Ya Ning, Li Ning, Chen Yujian and other masters of the film industry and authoritative sources from financial investment companies discussed how film and TV investment and financing leverage the strategy of strengthening the country by culture and achieve a harmony between the two aspects. The forum was chaired by Yu Jianhong.
Huang Qunfei, Executive Deputy General Manager of Huaxia Film Distribution Co., Ltd.
In Huang Qunfei’s words, film should be given the priority in the strategy of strengthening the country by culture. As an integrated art, film is the most popular form of cultural recreation for the people for its rich contents and connotation. The recent popularity of Universal Beijing Resort just proved the great social influence of film. Nowadays, with the growing influence of Chinese films worldwide, the number of screens, quantity of films produced and box office takings are among the top in the world. However, for a faster growth of the domestic film companies, it is far from enough to rely solely on their own. The support and boost from the financial industry are indispensable for the development in a more extensive and intensive manner. Meanwhile, expanding the scale of film industry, improving quality and efficiency, and establishing a perfect and mature industrial system are the prerequisites for more standardized and rapid development of film investment and financing.
Yin Xiangjin, General Manager of Wanda Film and Television Media Co., Ltd.
Yin Xiangjin said that Wanda Film and Television has been committed to creating excellent films of Chinese stories and local stories for decades. For example, Detective Chinatown series recorded a box office gross of nearly 9 billion yuan, and will be further developed to bring more surprises to the world among all the excellent Chinese films. Meanwhile, Wanda Film and Television will vigorously develop sci-fi films like Folding City, and continue to invest in films with the theme of the times to create more quality contents.
Duan Hongli, General Manager of Inclusive Finance Division (Cultural and Creative Financial Business Headquarters)
Duan Hongli said that Bank of Beijing has injected more than 360 billion yuan of credit funds to more than 9,700 cultural enterprises, of which more than 24 billion yuan was directed to 1,000 plus film and television enterprises in the investment and financing of excellent films such as Wolf Warrior II, Leap and Hi, Mom. She believed that the development of cultural undertakings must first rely on favorable policies. Beijing has issued a host of supporting policies for investment and financing in cultural enterprises, which effectively guaranteed the rapid development of cultural undertakings. A good market is also needed. A lot of high-quality cultural enterprises have taken root in Beijing, which also boosts the prosperity of Beijing's cultural market.
Ya Ning, President of iQIYI Motion Pictures
According to Ya Ning, iQIYI is currently transforming to the operation mode of "content play + content production", in which films are of great importance. iQIYI has continuously increased the investment in the film industry. In 2019, it launched the strategy of "iQIYI Film Producing". By 2023, it is estimated that 20 films produced by iQIYI will be released, of which the volume will be maintained in the future. In project selection, we should consider the potential of box office, and the needs of online viewers. Ya Ning believes that films without good content are rootless trees, while those without sufficient funds will become sourceless water. He said that in the past, iQIYI usually participated in film investment and financing by means of investment and following investment. Currently, for the purpose of project controllability and sustainability, the full investment is an effective approach for project operation.
Li Ning, Senior Vice President of New Classics Media Group and CEO of New Classics Pictures,
Li Ning said, with the coordination of three leading powers, namely New Classics Media Group, Tencent Pictures and China Literature for complementation of respective advantages in content development, project research and development, and distribution, all the film projects can be placed in different important schedules, For example, Hi, Mom in the Spring Festival, Home Sweet Home in the May Day, 1921 on July 1 (anniversary of the founding of the Communist Party of China), Raging Fire in the summer vacation, Cloudy Mountain in the Mid-Autumn Festival, My People, My Parents in the upcoming National Day, and Another Me for the incoming New Year. Their coordination has formed a joint force in different themes of films in a more diversified way. He believes that given the outbreak of COVID-19 pandemic, China's film industry needs to reinforce its confidence. In this process, New Classics Media Group hopes to attract more people to cinemas with the comedies that promote the core socialist values and focus on life of the people, thereby making contributions to industrial recovery and the strategy of "strengthening the country by culture".
Chen Yujian, Chairman and Partner of Houde Qianhai Fund Management Co., Ltd.
Chen Yujian believes that for film investment and financing, we must first respect the laws of the industry. There are four rules to measure a project value, namely "accurate project approval", "quality shooting", "successful broadcast" and "high returns" are the four criteria to measure the value of a project, which is in an order of difficulty. With more attention to the “high returns”, Houde Qianhai Fund manages the publicity of film projects through its own promotion and advertising companies to help filmmakers produce films smoothly, and effectively control the publicity strategy and channel resources.
Yu Jianhong, Vice President of Beijing Film Academy
Yu Jianhong concluded that, financial capital is essential for China’s film industry building competitive market players. All the guests present had in-depth discussions and sharing on issues such as strengthening the construction of a cultural power and improving the film investment and financing system, thus providing far-sighted opinions and suggestions for the sound development of China's film industry.
Several Authoritative Reports Released
Report on Development of China Film Investment and Financing (2021)
A number of authoritative reports were released at the summit, which aroused widespread concern. 2021 is the eleventh year of the BJIFF. Under regular pandemic prevention and control, the 10th BJIFF in 2020 developed an innovative form without limitations of time and space and focus on the cutting-edge viewpoints, which greatly encouraged industry players. At the summit, Zeng Xiangmin first released the Blue Paper of the 10th Beijing International Film Festival, which described in details a solid step towards the most internationally influential film festival.
Zeng Xiangmin, Secretary of Party Committee of and professor at the Television School of Communications University of China, released Blue Paper of the 10th Beijing International Film Festival
Zeng Xiangmin said, the BJIFF has become an important stage to highlight the features of Beijing and China. The Blue Paper of the 10th Beijing International Film Festival, through rigorous collation of historical data, documents other resources, makes an in-depth analysis of the cultural significance, social value, international influence and other indicators of the BJIFF, and summarizes and refines the exploration and contribution of the BJIFF to the construction of socialist culture in the new era.
At the summit, a key document - Report on Development of China Film Investment and Financing (2021), which was compiled after a year of on-site surveys and investigations in hundreds of financial and investment institutions on the spot, was officially released. Leaders such as Zhang Pimin, Zhou Maofei, Dong Dianyi, Dai Wei, Yu Jianhong, Huang Qunfei, Song Weicai and Zhu Yuqing jointly unveiled the report.
Report on Development of China Film Investment and Financing (2021) officially released
The report aims to analyze the new phenomena, new changes and new trends in the field of film investment and financing via comprehensive tracking, collation and analysis of the annual film investment and financing sector, thereby seeking cooperation for parties concerned. As the founder of Online Film Market Co., Ltd., a domestic film research and venture capital platform, Zhu Yuqing said from his interpretation that, based on the past three editions, the Report on Development of China Film Investment and Financing (2021), in the principle of " from the industry and for the industry", further improves the team of editors, adjusts the chapter structure, makes in-depth industry research, increases the length of the financial field, and provides reference for the film and financial sector with more details and rigorous analysis. Meanwhile, with the support of China Film Fund and several financial and investment institutions, and with reference to the data from the investment and financing sector, the program "Construction of China Film Investment and Financing Database and Application Service" will be launched to meet the urgent needs of the film industry and financial investment sector for big data of film investment and financing, and promote the prosperity and development of China's film industry amid the industrial development towards a new orientation featuring standardization, industrialization, scale and high quality.
Zhu Yuqing, Editor-in-Chief of Report on Development of China Film Investment and Financing (2021) and Report on Beijing Film Investment and Financing Development interprets the report and releases project plan
In addition, the research, compilation and publication plan of Report on Beijing Film Investment and Financing Development was officially launched at the summit, and will be officially released at the China Film Investment and Financing Summit of the 12th Beijing International Film Festival in 2022. Zhu Yuqing, editor-in-chief of the report, said that as the cultural center of China, Beijing has made great progress in film and TV production, industrial development and international cooperation, and made beneficial attempts in the film investment and financing sector, and launched a number of financial service products with film and television characteristics. The Report on Beijing Film Investment and Financing Development will comprehensively analyze the basic information of Beijing’s film industry, and the current situation and development trend of film investment and financing, so as to guide the film investment and financing towards standardized development, and boost the prosperity and development of film and television culture in Beijing.
Facilitate the Construction of Cultural Center
“Film+” Copyright Pledged Loan Released
In order to promote the in-depth cooperation and exchanges between the financial investment industry and the film industry for win-win cooperation, the special film & TV financing products of Bank of Beijing were released at the summit, with an aim to help film and TV enterprises solve financing problems. Bank of Beijing, with years of experience in the film industry, has recently developed and launched a variety of innovative financial products in film financing, and is committed to providing the most suitable products and services for film enterprises and projects.
Bank of China “Film+” Copyright Pledged Loan released
At the China Film Investment and Financing Summit, Bank of Beijing officially launched its "Film+" Copyright Pledged Loan, which centers on high-quality copyright of films as an upgraded version of film and financial service with emphasis on the film and film-related industries. Witnessed by Wang Jiequn, Zhang Pimin, Sun Baolin, Dong Dianyi, Dai Wei and Niu Tianxiang and all the guests, the Bank of Beijing released its financial product -- "Film+" Copyright Pledged Loan and held a signing ceremony with some film and TV enterprises.
Ceremony of Establishment of Film Investment and Financing Advisory Committee, Beijing Culture Industry Investment and Financing Association
Moreover, Beijing Culture Industry Investment and Financing Association set up the Film Investment and Financing Advisory Committee, and completed the ceremony of establishment at the summit. Huang Qunfei was elected as the first president of the committee. He hoped that all the members of the committee would work together to leverage the superior film resources in Beijing to build a new platform for film investment and financing, and erect a bridge between film and capital for benefiting all membership enterprises especially small and medium-sized ones, thus promoting the prosperity and development of Beijing's film industry.
Ceremony of Establishment of the Special Fund for Film Investment and Financing of China Film Fund
China Film Fund developed the Special Fund for Film Investment and Financing, of which Zhu Yuqing was appointed as the director. Zhang Pimin awarded it the license. Zhu Yuqing said that under the guidance and support of the China Film Fund and various competent units, the fund would unite the film investment and financing institutions and enterprises in China to provide satisfactory services for the development of film investment and financing in China, especially in Beijing, thereby boosting the development of China’s film industry.